Ethereum
Intesa Sanpaolo triples staked Ether ETF stake while trimming Bitcoin holdings
Italy's largest bank increased its exposure to staked Ethereum through an ETF to $7.1 million while reducing positions in two Bitcoin ETF products.
Intesa Sanpaolo, Italy's largest banking group, significantly rebalanced its crypto ETF portfolio during the second quarter. The bank tripled its holding in the iShares Staked Ethereum Trust ETF to 349,600 shares worth $7.1 million as of June 30, up from 116,200 shares valued at $3.15 million three months earlier.
Simultaneously, Intesa cut its iShares Bitcoin Trust ETF position by roughly 94%, reducing holdings from 646,809 shares to 40,723 shares. The bank maintained its largest crypto position in the ARK 21Shares Bitcoin ETF at 3.47 million shares worth $67.6 million, though this represented a 4% decrease from the first quarter.
The bank also nearly doubled its BitGo stake to 323,000 shares while trimming its Coinbase position to 7,000 shares. Its Grayscale XRP Trust ETF holding remained unchanged at 712,319 shares. Crypto ETFs allow institutional investors like banks to gain digital asset exposure through regulated securities without managing custody, compliance and operational requirements directly.
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