Intesa Sanpaolo Triples Staked Ether Holdings Amid Cryptocurrency Portfolio Shift

Italy's largest banking group, Intesa Sanpaolo, has made significant changes to its cryptocurrency holdings. In the second quarter, the bank tripled its position in the iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares worth $7.1 million as of June 30. This increase from 116,200 shares valued at $3.15 million at the end of March reflects a growing interest in Ether.

The bank reduced its position in the iShares spot Bitcoin ETF (ARKB) by about 4%, retaining 3.47 million shares worth $67.6 million. In contrast, it cut its holding in the iShares Bitcoin Trust ETF (IBIT) by nearly 94% to 40,723 shares.

Intesa also made changes to its positions in other cryptocurrency-related funds. It kept its Grayscale XRP Trust ETF (GXRP) holdings unchanged at 712,319 shares and increased its stake in BitGo to 323,000 shares. However, it reduced its Coinbase position to 7,000 shares.