Intesa Sanpaolo Cuts IBIT Exposure by 94%, Buys More Staked Ethereum

Italy's largest bank, Intesa Sanpaolo, has significantly reduced its exposure to BlackRock's iShares Bitcoin Trust (IBIT) by 94% in the second quarter. According to its latest Form 13F filing, the bank held only 40,723 IBIT shares as of June 30, down from 646,809 reported for March 31.

However, Intesa Sanpaolo has more than tripled its holdings in staked ETH, buying 349,600 shares. The bank's move is significant, as some BlackRock clients have recently made a similar shift, selling around $60 million worth of IBIT last week and buying over $20 million worth of its ETHA spot Ethereum ETF.

The trend in the US spot Bitcoin ETF market has also seen a recent reversal. After a record monthly net outflow of about $4.5 billion in June, the funds raked in $172.4 million in July and have attracted another $170 million so far this month. BlackRock's IBIT remains the leading fund, with almost $61 billion in total inflows since it was first listed.