Intesa Sanpaolo Cuts IBIT Stake 94%, Triples Staked Ethereum Fund Holdings

Italy's largest banking group, Intesa Sanpaolo, has made significant adjustments to its cryptocurrency holdings. The bank reduced its reported position in BlackRock's iShares Bitcoin Trust (IBIT) by 93.7% during the second quarter, but increased its exposure to BlackRock's staked Ethereum fund.

The bank's common share position in IBIT fell from 646,809 shares at the end of March to just 40,723 shares on June 30. Its reported call position also decreased sharply, while a new put position tied to 500,000 underlying shares was introduced.

This reduction in IBIT holdings does not necessarily indicate a withdrawal from listed Bitcoin products, as Intesa still holds 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB) worth $67.63 million.