Intesa Sanpaolo Rotates Capital Toward Ethereum Amid Volatile Market
Italy's largest banking group, Intesa Sanpaolo, has made significant changes to its crypto investment portfolio. In Q2, the bank reduced its spot Bitcoin ETF exposure while increasing its Ethereum holdings.
The bank expanded its position in BlackRock's iShares Staked Ethereum ETF to 349,600 shares worth $7.10 million, making it the largest disclosed crypto ETF position by market value. This is more than five times larger than its remaining spot Bitcoin ETF holding.
Intesa Sanpaolo retained 40,723 shares of BlackRock's Bitcoin ETF worth $1.36 million and held a 500,000 share protective put position valued at $16.65 million. The sizable put position suggests the lender has adopted a more defensive stance toward Bitcoin, using derivatives to hedge downside risk while maintaining exposure to the asset.
The combination of reduced spot holdings and increased hedging reflects a more cautious institutional approach following Bitcoin's volatile second quarter. The shift also aligns with broader market flows during the quarter, where U.S spot Ethereum ETFs recorded sustained net inflows throughout most of the second quarter.