Crypto
Intesa Sanpaolo Cuts Bitcoin Exposure, Trips Up Ethereum Holdings
Italy's largest banking group, Intesa Sanpaolo, significantly reduced its exposure to BlackRock's Bitcoin ETF (IBIT) through call options in the second quarter.
The bank cut the underlying size of its call options position tied to IBIT by 99%, reducing it to a nominal amount.
Intesa Sanpaolo also decreased its direct holdings of IBIT common shares by 93.7% from 646,809 shares to 40,723 shares.
In contrast, the bank's holdings of BlackRock's Ethereum staking ETF increased significantly, rising from 116,200 shares to 349,600 shares - a threefold increase.