Ethereum
Intesa Sanpaolo cuts Bitcoin ETF stake 94%, triples Ethereum allocation in Q2
Italy's largest bank dramatically reduced its Bitcoin exposure while significantly increasing its Ethereum holdings, according to its latest regulatory filing.
Intesa Sanpaolo slashed its position in BlackRock's iShares Bitcoin Trust (IBIT) from 648,923 shares to 40,723 shares during the second quarter of 2026, representing a 93.7% decrease. The bank's call option exposure on IBIT fell even more sharply, dropping 99.3% from the equivalent of roughly 2.75 million shares to 18,000 shares. Simultaneously, Intesa established a new put option position covering 500,000 IBIT shares, suggesting either a shift toward downside protection or a more complex options strategy.
The bank moved decisively in the opposite direction with Ethereum, nearly tripling its iShares Staked Ethereum Trust ETF allocation from 116,200 shares to 349,600 shares—a gain exceeding 200%. It also exited nearly all exposure to the Bitwise Solana Staking ETF, retaining only seven of its previous 2,817 shares.
While the portfolio reallocation points toward a stronger preference for Ethereum-based products, the filing alone does not reveal whether Intesa fundamentally changed its crypto strategy or turned bearish on Bitcoin. The document does not capture the bank's off-balance-sheet exposures or broader derivatives positions. Spot Bitcoin ETFs experienced substantial outflows during the first half of 2026, though Ethereum withdrawals were proportionally smaller. However, more recent data presents a different picture: on 3 August, Ethereum ETFs recorded $11.9 million in outflows while Bitcoin ETFs saw $170.1 million in inflows on the same day.
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