Intesa Sanpaolo Cuts IBIT Stake by 93.7% Amid Shift to Ethereum

Intesa Sanpaolo, Italy's largest banking group, made significant changes to its investment portfolio in the second quarter. According to a report based on the bank's latest 13F filing, Intesa Sanpaolo reduced its stake in BlackRock's iShares Bitcoin Trust (IBIT) by 93.7% from the previous quarter.

The bank's position in IBIT fell to 40,723 shares as of June 30, while the underlying-share amount tied to its reported IBIT call position dropped 99.3% to 18,000 shares. Notably, a new put position equivalent to 500,000 IBIT shares appeared.

However, Intesa Sanpaolo increased its exposure to the iShares Staked Ethereum Trust ETF, with its holdings rising from 116,200 to 349,600 shares as of June 30. The bank's Bitwise Solana Staking ETF position fell from 2,817 shares to just seven.

The report highlights that the 13F filing does not reveal Intesa Sanpaolo's full options structure or its net exposure. This means that the figures reported only show changes in the declared positions and do not provide a complete picture of the bank's final positioning in these assets.