Intesa Sanpaolo Boosts Staked Ether Holdings While Cutting Bitcoin Exposure

Italy's largest bank, Intesa Sanpaolo, made significant adjustments to its cryptocurrency holdings in the second quarter. The bank tripled its stake in the iShares Staked Ethereum Trust ETF (ETHB), increasing its holding from 116,200 shares worth $3.15 million at the end of March to 349,600 shares valued at $7.1 million as of June 30.

This move comes as the bank reduced its position in the iShares Bitcoin Trust ETF (IBIT) by about 94%, from 646,809 shares to 40,723 shares. Intesa retained a larger holding in the ARK 21Shares Bitcoin ETF (ARKB), with 3.47 million shares worth $67.6 million.

The bank's cryptocurrency holdings now include iShares Staked Ethereum Trust ETF (ETHB) at $7.1 million, ARK 21Shares Bitcoin ETF (ARKB) at $67.6 million, and Grayscale XRP Trust ETF (GXRP) at an unchanged 712,319 shares.