Intesa Sanpaolo Dumps 93% of BlackRock Bitcoin ETF Stake

Intesa Sanpaolo, Italy's largest banking group, has made significant changes to its crypto portfolio in the second quarter. The bank drastically reduced its common-share position in BlackRock's iShares Bitcoin Trust (IBIT) by 93.7%, leaving only 40,723 shares.

The bank also simultaneously tripled its holdings in the iShares Staked Ethereum Trust ETF to 349,600 shares, indicating a shift towards staking yield and away from spot Bitcoin positions.

Further analysis of the 13F filing reveals that the underlying-share amount tied to the bank's reported IBIT call position dropped by 99.3% to just 18,000 shares, while a new put position equivalent to 500,000 IBIT shares appeared on the books.