Intesa Sanpaolo slashed IBIT stake by 94% in 2Q, tripled ether ETF holding as crypto prices slumped
The Italian bank tripled its holding of iShares Staked Ethereum Trust ETF stake as total bitcoin ETF holdings fell 35% to $69.3 million.
Intesa Sanpaolo, Italy's second-largest bank, reduced its bitcoin exposure by 94% in the second quarter, trimming its stake in the iShares Bitcoin Trust (IBIT) ETF from 646,809 shares to 4,072 as the cryptocurrency's value dropped 14%. The Turin-based bank also nearly eliminated call options on the ETF while adding put options, while increasing its ether holdings by tripling its position in the BlackRock's iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares, up from 116,800.
Intesa's crypto portfolio now includes a 5.66 million-share position in SpaceX, valued at $966.42 million, making it the largest disclosed holding. The bank made its first direct bitcoin purchase in January 2025, acquiring 11 BTC for approximately $1.2 million as part of an experimental strategy.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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