Intesa Sanpaolo Trims Bitcoin Exposure by 94%, Boosts Staked Ethereum Position
Italian banking giant Intesa Sanpaolo has significantly adjusted its digital asset portfolio in the second quarter, according to its Q2 2026 Form 13F filing with the Securities and Exchange Commission. The bank reduced its stake in Blackrock's iShares Bitcoin Trust (IBIT) by approximately 94%, from 646,809 shares to 40,723 shares, valued at $1.36 million as of June 30.
Despite this significant reduction, Intesa maintained a substantial position in the ARK 21Shares Bitcoin ETF (ARKB), worth $67.6 million at quarter-end. This holding remains the single largest crypto-linked exposure in the bank's filing.
The bank also eliminated nearly all of its IBIT call options and acquired a new put position covering 500,000 shares, which gains value if the ETF's price declines further. Intesa left its Grayscale XRP Trust position unchanged at 712,319 shares.
However, the bank tripled its holdings in Blackrock's iShares Staked Ethereum Trust ETF, growing its position from 116,200 shares ($3.15 million) to 349,600 shares ($7.1 million) by June 30. This staked ethereum fund holds ether while passing through annual network staking rewards of approximately 3% to 4%.