Intesa Sanpaolo Abandons Bitcoin for SpaceX Stake

Italy's Intesa Sanpaolo has significantly reduced its holdings in BlackRock's Bitcoin ETF, slashing them by a whopping 94%. The bank's move reflects its strategic shift away from direct crypto investments. Instead, it now holds a substantial stake in SpaceX, which went public in June and has a significant amount of Bitcoin on its balance sheet.

This indirect exposure to crypto is part of Intesa's bet on long-term growth. Other major investors like Harvard and the University of California have also increased their stakes in SpaceX, indicating strong institutional confidence despite recent stock volatility.