Intesa Sanpaolo Dumps Bitcoin Holdings, Triples Staked Ethereum Bet

Italy's largest bank, Intesa Sanpaolo, has reduced its Bitcoin exposure in its second quarter Form 13F filing. The bank sold most of its holdings in BlackRock's iShares Bitcoin Trust (IBIT), cutting its position from 646,809 shares to just 40,723 shares, a reduction of almost 94%. This move is estimated to be worth around $22 million.

At the same time, Intesa Sanpaolo almost tripled its investment in the iShares Staked Ethereum Trust ETF, increasing its holdings from 116,200 shares to 349,600 shares, adding roughly $5.6 million in Ethereum exposure. This shift suggests the bank is looking beyond price gains and focusing more on earning steady crypto rewards.

The bank has maintained confidence in XRP, keeping its investment unchanged at 712,319 shares of the Grayscale XRP Trust. However, its view on Solana appears very different, with the bank almost completely exiting its Bitwise Solana Staking ETF, reducing its holdings from 2,817 shares to just seven shares.