Intesa Sanpaolo Cut Bitcoin ETF Exposure While Expanding Ether ETF Stake in Q2

Intesa Sanpaolo, Italy’s second-largest bank by market capitalization, cut its holding in BlackRock’s iShares Bitcoin Trust (IBIT) by 94% in the second quarter, according to its latest filings. The bank reported 40,723 IBIT shares valued at $1.36 million as of June 30, down from 646,809 shares three months earlier.

The move matters because it shows a major European bank actively reshaping listed crypto exposure during a difficult market period. Bitcoin fell 14% in the quarter, while U.S. spot bitcoin ETFs recorded about $4.89 billion in net outflows, including $2.95 billion from IBIT, according to SoSoValue data cited by CoinDesk.

Intesa also nearly eliminated its IBIT call options and added put options covering 500,000 shares. Call options give holders the right, but not the obligation, to buy shares at a set price, while put options provide the equivalent right to sell.

The bank moved in the opposite direction on ether-linked exposure. It tripled its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares, a position valued at $7.10 million at quarter-end, up from $3.15 million. Ether fell 25% during the quarter, while spot ether ETFs saw more than $715 million in outflows.

Intesa’s filing also showed changes in crypto-linked equities. The bank nearly doubled its BitGo Holdings position to 323,000 shares, while reducing holdings in Coinbase Global by 32%, Circle Internet by 10% and Robinhood Markets by 43%. Separately, it disclosed a new 5.66 million-share SpaceX position valued at $966.42 million, making it the bank’s largest disclosed holding.

The activity follows Intesa’s first direct bitcoin purchase in January 2025, when it acquired 11 BTC for about 1 million euros, or $1.2 million, in what CEO Carlo Messina described as an experiment. The latest filing points to continued involvement with crypto-related assets, but through a substantially changed mix of ETF and equity positions.