As the price of the biggest cryptocurrency plummeted in the second quarter, Intesa Sanpaolo, Italy’s second-largest bank by market capitalization, slashed its exposure to bitcoin through the iShares Bitcoin Trust (IBIT) ETF by 94% and almost eliminated call options.
According to its most recent filings, the bank claimed to have 40,723 shares of IBIT worth $1.36 million as of June 30, down from 646,809 shares three months prior. Additionally, the bank added put options, which grant the comparable right to sell, and eliminated 99% of its call options, which grant it the right but not the responsibility to purchase shares in the ETF at a certain price.
The reorganization of the Turin-based company’s assets occurred in a quarter when the price of bitcoin fell 14%, following two consecutive quarters of reductions exceeding 20%. In contrast, the bank strengthened its ETF holdings for ether despite the 25% decline in the second-largest cryptocurrency.
It wasn’t the only one to reduce its cryptocurrency exposure. According to SoSoValue statistics, net withdrawals from U.S. spot bitcoin ETFs were around $4.89 billion in the three months ending in June. IBIT alone suffered a $2.95 billion loss. Additionally, spot ether ETFs saw withdrawals totaling over $715 million.
In contrast, Intesa Sanpaolo increased its ownership of BlackRock’s iShares Staked Ethereum Trust ETF by three times to 349,600 shares. At the conclusion of the quarter, the position’s value had increased from $3.15 million to $7.10 million.
In terms of cryptocurrency-related stocks, the bank reduced its ownership in Coinbase Global (COIN) by 32%, Circle Internet by 10%, and Robinhood Markets by 43%, while virtually doubling its position in BitGo Holdings to 323,000 shares.
Intesa’s highest declared holding is a new 5.66 million-share stake in SpaceX, valued at $966.42 million, according to the filing. SpaceX has 18,712 bitcoin, valued at $1.18 billion, after going public on June 12. It cut its stake in Tesla by 92%.
In January 2025, Intesa made its first direct purchase of bitcoin, paying about 1 million euros ($1.2 million) for 11 BTC as part of what CEO Carlo Messina called an experiment.
Italy’s Largest Bank Intesa Sanpaolo Cuts IBIT Stake 94%, Triples Staked Ethereum ETF Holdings
Italy’s largest banking group, Intesa Sanpaolo, reported in its latest Form 13F that, as of June 30, its common-share position in BlackRock’s iShares Bitcoin Trust (IBIT) fell 93.7%… pic.twitter.com/A5YjlWyym9
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