Intesa Sanpaolo Ditches Bitcoin, Solana for Ethereum

Intesa Sanpaolo, Italy's largest banking group, has made significant changes to its cryptocurrency portfolio. The bank sold a large portion of its BlackRock spot Bitcoin ETF holdings and reduced its investment in Bitwise Solana Staking ETF.

According to recent data, as of June 30, Intesa Sanpaolo reduced its position in the iShares Bitcoin Trust (IBIT) fund by 93.7% compared to the previous quarter, falling to just 40,723 shares.

The bank also significantly reduced its investment in Solana, closing almost its entire position in the Bitwise Solana Staking ETF, with a remaining 7 shares.

However, Intesa Sanpaolo tripled its position in Ethereum, increasing its iShares Staked Ethereum Trust ETF to 349,600 shares from 116,200 shares. This shift indicates a significant allocation towards cryptocurrency ETFs for the bank.