Intesa Sanpaolo Triples Staked ETH Position Amid Crypto Market Turmoil
Italy's largest bank, Intesa Sanpaolo, made significant changes to its crypto-linked portfolio in Q2 2026. The bank tripled its stake in BlackRock's iShares Staked Ethereum Trust ETF (ETHB) from $3.15 million to $7.1 million, while slashing its IBIT position by 94%. This shift away from Bitcoin exposure comes as the price of both assets fell sharply over the quarter.
Bitcoin dropped 14% in Q2, with net outflows from spot crypto ETFs reaching approximately $4.89 billion. Intesa's iShares Bitcoin Trust ETF (IBIT) position decreased from 646,809 shares to 40,723, while its ARK 21Shares Bitcoin ETF (ARKB) holding remained relatively stable at $67.6 million.
The bank also made adjustments to its equity holdings, nearly doubling its stake in BitGo Holdings (BTGO) and reducing its positions in Coinbase Global (COIN), Circle Internet (CRCL), and Robinhood Markets (HOOD). Notably, Intesa reported a new 5.66 million-share stake in SpaceX (SPCX) valued at $966.42 million.
Intesa's expanded crypto-linked book reflects the bank's willingness to adapt its exposure to market conditions. The bank's initial experiment with Bitcoin purchases in January 2025 has grown into a more diversified portfolio, including ETFs, staked assets, options, and crypto-adjacent equities.