Intesa Sanpaolo Triples Ethereum ETF Holdings Amid Shift in Crypto Strategy

Italy's largest bank, Intesa Sanpaolo, has significantly adjusted its cryptocurrency investment strategy. In the second quarter of this year, the bank nearly tripled its holdings in the iShares Staked Ethereum Trust ETF (ETHB), increasing from 116,200 shares worth $3.15 million to 349,600 shares valued at approximately $7.1 million.

This move contrasts with its investment in BlackRock's iShares Bitcoin Trust (IBIT), which saw a reduction of about 94% to 40,723 shares. However, the bank continues to hold Bitcoin through other investment products, specifically the ARK 21Shares Bitcoin ETF (ARKB).

The bank's largest crypto-related position remains the ARKB, with ownership of 3.47 million shares valued at approximately $67.6 million. Intesa Sanpaolo also kept its investment in the Grayscale XRP Trust ETF (GXRP) unchanged and increased its stake in BitGo to 323,000 shares.