Italy's Largest Bank Cuts Bitcoin Call Position by 99.3%

Italy's largest banking group, Intesa Sanpaolo, made significant changes to its disclosed crypto ETF positions in the second quarter. The bank cut the underlying-share amount of its reported iShares Bitcoin Trust ETF call position by 99.3%, from 2,496,500 to just 18,000 shares.

Intesa also added a new held IBIT put row representing 500,000 shares. However, the filing cannot establish the bank's net Bitcoin-options exposure or determine whether the put was a hedge, directional position, or part of another strategy.

The bank's Ethereum ETF balance roughly tripled in the quarter, rising from 116,200 to 349,600 shares. In contrast, its Solana ETF balance fell significantly, dropping from 2,817 shares to just seven.