Intesa Sanpaolo slashed Bitcoin ETF exposure by 94% while tripling its staked Ethereum holdings, signaling a strategic rotation away from Bitcoin spot exposure.
Macro & Markets ·
Intesa Sanpaolo, Italy's largest banking group, dramatically scaled back its Bitcoin ETF holdings in the second quarter, slashing its position in BlackRock's iShares Bitcoin Trust from 646,809 shares to 40,723 shares—a 93.7% reduction. Simultaneously, the bank more than tripled its staked Ethereum exposure, moving from 116,200 to 349,600 shares, while its Solana staking ETF stake nearly disappeared. The bank also saw a dramatic unwinding of call options tied to IBIT, which fell by over 99%, though a new put position equivalent to 500,000 shares emerged in the June 30 Form 13F filing.
The rebalancing reflects a broader institutional pivot toward yield-generating crypto assets rather than a purely bearish Bitcoin stance. Similar rotations have occurred among other institutional investors, with some BlackRock clients reportedly selling around $60 million of IBIT while purchasing over $20 million of the firm's spot Ethereum ETF last week. The shift comes as the US spot Bitcoin ETF market itself has stabilized after June's record monthly outflow of $4.5 billion, posting $172.4 million in net inflows during July and another $170 million through early August.
What remains unclear is whether Intesa Sanpaolo's move reflects a longer-term strategic preference for staking yield over spot exposure, or a tactical adjustment responding to near-term market conditions. The bank's earlier January direct Bitcoin purchase and its expansion into crypto derivatives suggest continued institutional engagement with digital assets, even as spot allocations contract.