TL;DR
Intesa Sanpaolo reworked its crypto-linked portfolio during the second quarter, cutting its iShares Bitcoin Trust position by 94% while expanding exposure to a staked Ether exchange-traded fund. The Italian group reported 40,723 IBIT shares worth $1.36 million on June 30, down from 646,809 shares three months earlier. The portfolio change was not a simple retreat from digital assets, but a decisive rotation away from one Bitcoin vehicle toward Ether exposure. That contrast is striking because both cryptocurrencies declined during the quarter, leaving price weakness unable to explain the bank’s opposite allocation decisions.
The bank eliminated 99% of its IBIT call options and added put options covering 500,000 shares, increasing protection against further downside. Bitcoin fell 14% during the quarter after two earlier quarterly declines exceeding 20%, while U.S. spot Bitcoin ETFs recorded $4.89 billion in net outflows. IBIT alone lost $2.95 billion. Intesa’s reduced Bitcoin position aligned with a broader withdrawal from spot products, but its derivatives activity added a defensive layer. The filing therefore shows not only fewer shares, but a portfolio prepared to benefit from or hedge against additional weakness in the fund.
Meanwhile, Intesa tripled its holding in BlackRock’s iShares Staked Ethereum Trust ETF to 349,600 shares. The stake was valued at $7.10 million at quarter-end, compared with $3.15 million previously, even as Ether dropped 25% and spot Ether ETFs suffered more than $715 million in outflows. Increasing ETHB while cutting IBIT suggests the bank differentiated between crypto exposures instead of treating the sector as one uniform risk category. The move remains perplexing because Ether’s market performance was weaker, yet Intesa still increased its position while many investors were withdrawing capital from comparable products.
The reshuffle extended beyond the two largest cryptocurrencies. Intesa nearly doubled its BitGo Holdings stake to 323,000 shares, while reducing Coinbase by 32%, Circle by 10% and Robinhood by 43%. It also disclosed a new $966.42 million SpaceX position and cut Tesla exposure by 92%. The broader filing portrays an institution reallocating aggressively across technology and crypto-linked equities rather than following a single directional thesis. Intesa had made its direct Bitcoin purchase in January 2025, acquiring 11 BTC for about%. The broader filing portrays an institution reallocating aggressively across technology and crypto-lthan following a single directional thesis. $1.2 million as an experiment, underscoring that its engagement with digital assets remains selective.
