Intesa Sanpaolo Cuts Bitcoin ETF Call Position, Trips Up on Staked Ethereum

Italy's largest banking group, Intesa Sanpaolo, has significantly reduced its reported Bitcoin ETF call position. The bank's held-call row in the iShares Bitcoin Trust ETF saw a 99.3% drop in underlying-share amount from Q1 to Q2, with the number falling from 2,496,500 to 18,000.

This reduction comes alongside a new held put row representing 500,000 shares, although the bank's net exposure and motive remain undisclosed due to the way Form 13F reports options. The filing also shows that Intesa's common IBIT position fell by 93.7%, from 646,809 shares to 40,723.

In a contrasting move, the bank's staked Ethereum ETF balance roughly tripled in Q2, reaching 349,600 shares from 116,200. Meanwhile, its Solana ETF balance dropped dramatically, falling from 2,817 shares to seven.