Intesa Sanpaolo Slashes Bitcoin Holdings, Bets Big on Staked Ethereum

Intesa Sanpaolo, Italy's largest banking group, has made significant changes to its crypto portfolio in the second quarter. The bank sold a substantial portion of its shares in the iShares Bitcoin Trust (IBIT), reducing its common-share position by 93.7% from the previous quarter, leaving only 40,723 shares.

The bank also tripled its holdings in the iShares Staked Ethereum Trust ETF to 349,600 shares, indicating a shift towards staking yield and institutional demand for staked ETH products.

A new put position equivalent to 500,000 IBIT shares appeared on the books, suggesting a pronounced shift toward downside protection or outright bearish positioning in Bitcoin. This move may be seen as a deliberate risk reduction in BTC-linked products during the second quarter.

The bank's options desk or treasury opted for a starkly different trade structure compared to the previous quarter, indicating a sharp rotation with a hedged posture.