UBS Eyes Bitcoin Trading Access for Select Private Banking Clients

UBS Group AG (NYSE: UBS) is preparing to open the door to cryptocurrency investing for a slice of its private banking clientele, signaling a notable shift for one of the world’s largest wealth managers as demand for digital assets keeps creeping up the food chain.According to people familiar with the discussions, UBS has been working for months to line up partners for a crypto trading offering that would initially let select private banking clients buy and sell Bitcoin and Ether. The talks remain ongoing and UBS has not finalized the structure, but the move would mark one of the bank’s most direct steps into crypto markets so far.

UBS oversaw roughly $4.7 trillion in wealth assets as of Sept. 30, and even a limited rollout would represent meaningful institutional validation for crypto trading, especially coming from a firm that has historically taken a more conservative stance on virtual tokens. The initial plan would focus on select Swiss private banking clients, with the possibility of expanding the service later into other regions, including Asia-Pacific and the U.S., depending on how the offering is built and how regulators respond.

If UBS proceeds, it would put the bank closer to peers that have been steadily widening their digital asset exposure as crypto becomes harder to ignore in wealth management conversations. While UBS has been cautious about jumping into direct crypto trading, interest from high-net-worth clients has been building. The bank acknowledged that it is evaluating opportunities based on market and regulatory developments.

“As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls,” a UBS spokesperson said. The spokesperson also emphasized the bank’s recognition of blockchain’s role as the underlying technology behind digital assets.

For major global banks, crypto trading has often been less about ideology and more about regulation and capital requirements. Many lenders have focused instead on blockchain-based infrastructure, such as tokenized funds and payments, while avoiding heavier exposure to holding or trading cryptocurrencies directly. A major constraint has been the Basel III framework, which has imposed stricter capital treatment on crypto-related activities. UBS Chairman Colm Kelleher previously noted in 2023 that the bank was looking for a clearer regulatory structure that would allow it to meet client demand for digital tokens.

That landscape may be shifting. In November, the Basel Committee said it would accelerate its review of certain elements of crypto capital rules, a development that could loosen the bottleneck for banks exploring expanded crypto offerings. UBS’s discussions come as crypto becomes increasingly normalized inside traditional finance. U.S. spot Bitcoin exchange-traded funds, led by BlackRock’s iShares Bitcoin Trust, have grown rapidly since approval, helping drive institutional participation.

Meanwhile, competitors have been moving aggressively. Morgan Stanley is partnering with ZeroHash to bring token trading to E*Trade clients, while JPMorgan has also explored crypto trading opportunities for institutional clients.

Even outside the traditional banking world, crypto trading has proven to be a meaningful revenue stream. Robinhood, for example, generated hundreds of millions in crypto trading revenue in 2024, a reminder of how profitable the category can be once retail and wealthy investors both lean in. UBS has not always been friendly to crypto. Former UBS Chairman Axel Weber publicly criticized cryptocurrencies during the last major bull cycle, arguing that the idea of anonymous payments wouldn’t last.

Now, UBS appears to be adjusting to reality: wealthy clients want access, competitors are building product, and the broader market is slowly forcing crypto into the same category as every other alternative asset, controversial, volatile, but increasingly part of the menu.

About UBS

UBS Group AG (NYSE: UBS) is a Switzerland-based global financial services company that provides wealth management, investment banking, asset management, and personal and corporate banking services. UBS is one of the world’s largest wealth managers, serving private, institutional, and corporate clients across major financial markets.