Intesa Sanpaolo Cuts IBIT Stake 93.7%, Triples ETHB Holdings

Italy's Intesa Sanpaolo has made significant changes to its crypto holdings in the second quarter, according to its latest Form 13F filing. The bank cut its position in BlackRock's iShares Bitcoin Trust (IBIT) by a whopping 93.7%, reducing its common share position from 646,809 shares at the end of March to just 40,723 shares on June 30.

The reported value of IBIT fell to $1.36 million, down from $24.85 million in March. However, Intesa still held a significant stake in ARKB, with 3.47 million shares worth $67.63 million. This suggests that the bank has not abandoned Bitcoin exposure entirely.

On the other hand, Intesa increased its holdings in BlackRock's iShares Staked Ethereum Trust ETF (ETHB) by 200.9%, taking the share count to 349,600 shares on June 30. The reported value rose from $3.15 million at the end of March to $7.10 million.