Intesa Sanpaolo, Italy's largest bank, gutted its Bitcoin ETF position in the second quarter. The lender slashed its iShares Bitcoin Trust stake by 94%, cutting holdings from 646,809 shares down to just 40,723 shares as of June 30. The move signals a sharp pivot away from spot Bitcoin exposure.
The shift went deeper than the headline numbers suggest. The bank's held call options on IBIT collapsed even more dramatically, falling from 2.49 million underlying shares to 18,000 shares. That's a 99.3% reduction in leveraged upside exposure. The only new position Intesa added was a put option covering 500,000 shares, though Form 13F filings don't reveal strike prices or whether this served as a hedge or a bearish trade.
Ethereum staking becomes the play
While Bitcoin got the axe, staked Ethereum became the bank's preferred bet. Intesa more than tripled its iShares Staked Ethereum Trust ETF holdings from 116,200 shares to 349,600 shares in the same quarter. The position now dwarfs what remains of its Bitcoin exposure. The shift reflects growing institutional interest in yield-bearing crypto assets, particularly as crypto markets navigate choppy conditions.
Solana staking didn't survive the cuts. The bank's Bitwise Solana Staking ETF position collapsed from 2,817 shares to just seven shares. The disclosures came in Intesa's Form 13F filing submitted to the SEC on July 31, covering positions as of June 30.
The moves raise questions about how major financial institutions are reshaping their crypto allocations. Intesa's retreat from Bitcoin derivatives while building Ethereum staking exposure suggests the bank sees more value in passive yield strategies than directional bets on price appreciation.
This material is informational only and does not constitute financial advice or a recommendation to buy or sell any asset.
