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UBS Explores Crypto Investing for Select Private Banking Clients, Report Says

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Swiss banking giant UBS is exploring plans to offer cryptocurrency investment services to select private banking clients, according to a report by Bloomberg News, citing people familiar with the matter.

Under the proposal, UBS would initially allow a limited group of its private banking clients in Switzerland to buy and sell major digital assets such as bitcoin and ether. The bank is said to be in the process of selecting external partners to support the crypto offering. Bloomberg reported that the service could later be expanded to other regions, including Asia-Pacific and the United States.

UBS declined to comment directly on the report, but said it continues to assess opportunities linked to digital assets. A spokesperson told Reuters that the bank actively monitors developments in line with client demand, regulatory frameworks, market trends and risk management considerations, while acknowledging the importance of blockchain technology that underpins cryptocurrencies.

The move reflects growing interest in digital assets among wealthy clients and forms part of a broader trend of institutional adoption. Other major banks have also moved cautiously into the space, as regulatory clarity improves in some markets. Analysts say UBS’s potential entry would mark another milestone in the mainstream acceptance of crypto investing within global wealth management.

Crypto Custody Firm BitGo Targets Up to $1.96 Billion Valuation in U.S. IPO

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BitGo said on Monday it is seeking a valuation of up to $1.96 billion in its planned U.S. initial public offering, aiming to capitalize on renewed investor appetite for cryptocurrency-related companies. The Palo Alto, California-based firm and some existing shareholders plan to raise as much as $201 million by offering 11.8 million shares priced between $15 and $17 each.

The IPO market is expected to continue its gradual recovery in 2026, extending momentum that began in 2025, despite headwinds such as tariff-related volatility, a prolonged U.S. government shutdown, and a late-year selloff in AI stocks. Within this environment, crypto firms are cautiously returning to public markets after a turbulent period marked by sharp price swings across digital assets.

Several crypto companies are preparing for listings, including exchange Kraken, following high-profile market debuts last year by stablecoin issuer Circle and crypto exchange Bullish. However, the sector faced renewed pressure after a sharp crypto selloff in October, raising the bar for companies seeking strong investor backing.

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Analysts say recent pressure on AI and broader tech valuations has intensified scrutiny of risk assets, prompting investors to favor more regulated and infrastructure-focused firms. Lukas Muehlbauer, an IPO research analyst at IPOX, said this “flight to quality” positions BitGo as a more defensive play within the crypto sector compared with more speculative ventures. He added that the company is looking to take advantage of early 2026 market momentum, when small- and mid-cap index outperformance has created a favorable window for mid-sized offerings.

Founded in 2013, BitGo has grown into one of the largest crypto custody providers in the United States, storing and safeguarding digital assets for institutional and corporate clients. Its role has become increasingly critical as institutional participation in cryptocurrency markets expands.

The IPO is being underwritten by Goldman Sachs and Citigroup. BitGo plans to list its shares on the New York Stock Exchange under the ticker symbol “BTGO.”

MSCI Drops Plan to Exclude Digital Asset Treasury Firms, Launches Broader Review

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Index provider MSCI said on Tuesday it will not move forward with a proposal to exclude digital asset treasury companies (DATCOs) from its indexes, opting instead to begin a wider review of how non-operating companies should be treated.

MSCI said it will maintain its current approach to firms on its preliminary DATCO list, defined as companies whose digital asset holdings account for 50% or more of total assets. As a result, Strategy, the world’s largest corporate holder of bitcoin, will remain included in MSCI’s global benchmarks for now.

Shares of Strategy rose about 6% in after-hours trading following the announcement, though the stock remains down roughly 47.5% for 2025. The company welcomed the decision, saying in a post on X that MSCI had confirmed digital asset treasury companies would remain in MSCI indexes for the February 2026 review, calling it “a strong outcome for neutral indexing and economic reality.”

MSCI said feedback from investors highlighted concerns that some DATCOs share similarities with investment funds, complicating their classification. The index provider noted that distinguishing between investment companies and operating businesses that hold significant non-operating assets — such as digital assets held as part of core operations rather than purely for investment — requires further research.

“For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators,” MSCI said in its statement.

The broader consultation will examine how such companies should be evaluated in future index reviews, as digital assets become a more prominent feature on corporate balance sheets.