Intesa Sanpaolo cut Bitcoin ETF holdings by 94% while tripling Ethereum staking ETF position, signaling institutional rebalancing away from spot Bitcoin toward yield-bearing Ethereum.
Macro & Markets ·
Intesa Sanpaolo, Italy's largest banking group, substantially reduced its Bitcoin ETF exposure while significantly expanding its Ethereum staking position, according to its most recent Form 13F filing. As of June 30, the bank's direct holding in BlackRock's iShares Bitcoin Trust fell 93.7% to 40,723 shares. Its call position tied to the same ETF dropped 99.3% to 18,000 shares, while the bank simultaneously established a new put position covering 500,000 IBIT shares. In contrast, its iShares Staked Ethereum Trust ETF position nearly tripled, growing from 116,200 to 349,600 shares.
The rebalancing reflects a shift away from spot Bitcoin toward yield-generating Ethereum exposure. Intesa Sanpaolo's Bitwise Solana Staking ETF holdings declined sharply from 2,817 to seven shares, suggesting a more selective approach to staking-based products. The magnitude of the Bitcoin reduction—particularly the near-total unwinding of call exposure—indicates a material change in the bank's positioning rather than routine portfolio turnover.
The filing leaves several questions unresolved. The Form 13F does not disclose the bank's complete options structure or net directional exposure across these positions, making it unclear whether the large new Bitcoin put position represents a hedging strategy or a bearish bet. The timing and rationale for the shift remain undisclosed.