Bitcoin
Intesa Sanpaolo cuts Bitcoin ETF stake 94%, triples Ethereum position
Italy's largest bank dramatically reduced its Bitcoin exposure while significantly increasing its Ethereum allocation in the second quarter of 2026.
According to its Form 13F filing for the quarter ended 30 June 2026, Intesa Sanpaolo slashed its direct Bitcoin holdings by nearly 94%, dropping its iShares Bitcoin Trust shares from 648,923 to 40,723. The bank's exposure through IBIT call options fell even more sharply, declining 99.3% from roughly 2.75 million shares to 18,000 shares. Simultaneously, Intesa established a new put option position covering 500,000 IBIT shares, signalling either hedging or a shift away from bullish positioning.
In contrast, the Italian banking group more than tripled its iShares Staked Ethereum Trust allocation, increasing it by over 200% from 116,200 to 349,600 shares. It also nearly eliminated its exposure to the Bitwise Solana Staking ETF, reducing holdings from 2,817 to seven shares.
The filing does not provide the full picture of Intesa's crypto strategy, as it excludes off-balance-sheet exposures and wider derivatives positions. Broader market conditions may offer context: spot Bitcoin ETFs recorded substantial outflows during the first half of 2026, while Ethereum saw smaller redemptions. However, more recent data painted a different picture—on 3 August, Ethereum ETFs saw $11.9 million in outflows while Bitcoin ETFs recorded $170.1 million in inflows.
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