Italian Bank Ditches Most of BlackRock Bitcoin ETF Stake
Italy's largest bank, Intesa Sanpaolo, has cut its stake in the BlackRock Bitcoin ETF by 94%, according to a Q2 2026 SEC 13F filing. The bank still holds roughly $68 million in ARK 21Shares' Bitcoin ETF, which is run by Cathie Wood's firm.
The move does not necessarily signal a bearish stance on Bitcoin, as analysts note that 13F data doesn't reveal option strikes, expiration dates, or full strategy. Intesa Sanpaolo's decision to reallocate its portfolio across different products and issuers rather than making a directional bet against Bitcoin.
Michael Saylor's Strategy has been selling Bitcoin under its Digital Credit Capital Framework, which includes a BTC Monetization Program allowing up to $1.25 billion in sales. The company sold 32 BTC in late May and around 3,588 BTC for roughly $216 million between July 1 and July 5.
Despite the bank's sell-off, Bitcoin price today jumped 2.03% to $63,803, driven by spot ETF inflow data. Spot Bitcoin ETFs pulled in more than $170 million on August 4 alone, matching the total net inflows recorded for all of July.