Intesa Sanpaolo Trims BlackRock Bitcoin Stake Amid Strategy's Ongoing Sell-Off
Intesa Sanpaolo, Italy's largest bank, has significantly reduced its stake in the BlackRock Bitcoin ETF. According to a Q2 2026 SEC 13F filing, the bank cut its IBIT common shares by 94% to 40,723 and slashed its call options exposure by roughly 99.3%. The exact reason for this move is unclear, as Intesa Sanpaolo has not issued any public statement.
The filing shows that the bank still holds around $68 million in ARK 21Shares ARKB, a Bitcoin ETF run by Cathie Wood's firm, despite cutting its BlackRock position sharply. Analysts note that 13F data doesn't reveal option strikes, expiration dates, or full strategy, so this change might be seen as selective reallocation rather than a directional bet against Bitcoin.
Meanwhile, Michael Saylor's company Strategy has been selling Bitcoin, tracing back to the Digital Credit Capital Framework adopted in June. The framework includes a BTC Monetization Program allowing up to $1.25 billion in BTC sales. On-chain tracker Lookonchain reported that a wallet linked to the company moved 299.84 BTC worth around $18.91 million on August 3, with receiving addresses tied to exchanges.
The Bitcoin price today has jumped 2.03% to $63,803 despite this selloff update, driven mainly by Spot ETF inflow data. Over $170 million was pulled into Spot $BTC ETFs alone on August 4, nearly matching the total net inflows recorded for all of July.
This development is part of a broader trend where banks are increasingly adopting Bitcoin exposure. In Q1 2026, while professional exchange-traded fund holdings fell overall, banks as a group more than doubled their combined spot Bitcoin-ETF exposure. JPMorgan and Wells Fargo added meaningfully to their positions that quarter.