Intesa Sanpaolo Cuts Bitcoin Exposure, Boosts Ethereum Stake Amid Strong Demand

Italy's largest banking group, Intesa Sanpaolo, has made significant changes to its cryptocurrency exchange-traded fund (ETF) portfolio in the second quarter. According to the bank's latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), which reflects holdings as of June 30, Intesa reduced its common shares held in BlackRock's iShares Bitcoin Trust (IBIT) by 93.7%, from 646,809 shares at the end of the first quarter to just 40,723 shares.

However, this reduction does not necessarily indicate a bearish view on Bitcoin, as the bank also disclosed a new put position linked to 500,000 IBIT shares. This highlights a notable restructuring of the bank's reported Bitcoin-related holdings while leaving its broader market strategy undisclosed.

In contrast, Intesa substantially increased its allocation to the iShares Staked Ethereum Trust ETF, tripling its disclosed investment in the Ethereum fund from 116,200 shares at the end of March to 349,600 shares by June 30. This move comes as BlackRock's iShares Bitcoin Trust (IBIT) continues to attract strong investor demand, with $505 million in net inflows between July 14 and July 20.