Wall Street giants compete to expand into crypto, UBS's 4.7 trillion asset management giant officially opens Bitcoin trading

Traditional finance’s attitude towards cryptocurrencies is accelerating its shift. UBS Group plans to open Bitcoin and Ethereum trading to certain private banking clients, which is not only an important strategic adjustment for a top global asset management firm but also reflects Wall Street’s renewed understanding of digital assets.

Key signals of major banks entering the market

According to the latest news, UBS will initially allow specific clients of Swiss private banking to buy and sell Bitcoin and Ethereum, with the possibility of expanding this business to the Asia-Pacific region and the United States. As of September 30, 2025, UBS manages approximately $4.7 trillion in assets, which means that once this business is fully launched, it will bring a significant influx of funds to the market.

It is worth noting that UBS is not the first to venture into the crypto space. As early as November 2023, the bank had opened cryptocurrency ETF trading to wealth management clients in Hong Kong. This move goes even further by directly offering spot trading of Bitcoin and Ethereum, indicating that UBS’s attitude towards digital assets has shifted from “passive follow” to “active deployment.”

Market demand and competitive pressure driving forces

Client demand as the main driving force

Breaking news clearly states that this round of actions is driven by the increasing demand for digital assets from wealth management clients. This reflects a reality: high-net-worth clients no longer see cryptocurrencies as niche investments but as an important component of asset allocation.

Intensified Wall Street competition

UBS’s move is also partly influenced by competitive pressure. Wall Street competitors such as JPMorgan and Morgan Stanley have already expanded their digital asset footprints. If UBS does not follow suit, it may fall behind in the race for high-net-worth clients. This creates a virtuous cycle: major banks entering the market promote standardization, which attracts more institutional funds, and more funds encourage other major banks to follow.

Strategic consensus behind CEO remarks

UBS CEO Sergio Ermotti recently stated at the Davos World Economic Forum that “blockchain is the future of traditional banking, and the two will merge.” This is not just a formal statement but a clear articulation of UBS’s strategic direction. Ermotti had previously said in 2018 that blockchain is almost a necessary condition for companies to remain competitive, and now his judgment is becoming a reality. He predicts that blockchain will change industry cost structures within 5-10 years, and this timeline is approaching.

Strategic considerations for global expansion

UBS’s expansion plan is worth noting: starting from Switzerland, a global financial hub, then expanding into Asia-Pacific and the US. This sequence reflects UBS’s strategic thinking: first validate the model in relatively mature markets, then expand into the world’s largest wealth management market (the US) and the fastest-growing market (Asia-Pacific).

Significance in the market context

Currently, Bitcoin is fluctuating around $88,979 (down 1.11% in 24 hours), with a market cap of $1.78 trillion, accounting for 59.20% of the market. Based on this market scale, the entry of a large asset management institution like UBS means that the channel for institutional funds is opening, market liquidity is expected to further improve, and price discovery mechanisms will become more refined.

Future focus areas

UBS is currently screening partners, with discussions ongoing for several months, and no final decision has been made. This means that the actual launch of the business still requires time. However, from a signaling perspective, this is already a clear direction. Other major banks are likely to closely monitor UBS’s progress, and once UBS successfully launches, it could trigger a “domino effect.”

Summary

UBS opening Bitcoin and Ethereum trading to private banking clients marks a fundamental shift in the attitude of traditional financial institutions towards digital assets. This is not an isolated move by a single bank but a collective recognition by Wall Street of market demand, competitive landscape, and long-term trends. From the CEO’s strategic statements to specific business actions, UBS demonstrates a genuine commitment to the view that “blockchain is the future of banking.” For the market, the official entry of major banks signals that cryptocurrencies are undergoing a transition from “alternative investments” to “mainstream assets.”