Intesa Sanpaolo Dumps Most of Its Bitcoin ETF Stake, Bets Big on Staked Ethereum
Italy's largest bank, Intesa Sanpaolo, has made significant changes to its cryptocurrency holdings in the second quarter of this year. According to a recent SEC filing, the bank reduced its stake in BlackRock's iShares Bitcoin Trust (IBIT) by a whopping 94%, from approximately 646,809 shares to just 40,723.
This reduction comes despite Bitcoin's price remaining relatively stable at around $64,000 over the past 24 hours. However, it's worth noting that Intesa still holds onto 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth $67.6M, which is its single largest crypto-linked position.
On the other hand, Intesa has tripled its stake in BlackRock's staked Ethereum Trust ETF, from 116,200 shares worth $3.15M at the end of March to 349,600 shares worth $7.1M by June 30. This move suggests that the bank is shifting its focus towards yield-bearing ETH products.
The broader cryptocurrency market has been experiencing a tough quarter, with Bitcoin dropping 14% over Q2 2026 and net outflows from spot Bitcoin ETFs reaching approximately $4.89Bn across the quarter.