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Intesa Sanpaolo Abandons Direct Bitcoin Exposure for SpaceX Bet

Guavy AI Editorial Team
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Italy's largest bank, Intesa Sanpaolo, has made a significant shift in its investment strategy by selling off nearly all of its direct Bitcoin exposure and investing heavily in SpaceX. The bank disclosed that it reduced its holdings in BlackRock's Bitcoin ETF by an astonishing 94%, marking a retreat from direct cryptocurrency investments amid the declining market.

The move is seen as a strategic bet on long-term growth, as Intesa Sanpaolo now has indirect exposure to Bitcoin through its investment in SpaceX. The space exploration company, which went public in June and holds Bitcoin on its balance sheet, has attracted significant institutional confidence despite recent stock volatility.

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