Italy’s largest banking group, Intesa Sanpaolo, sharply reduced its disclosed exposure to BlackRock’s iShares Bitcoin Trust (IBIT) during the second quarter while significantly increasing its position in a staked Ethereum ETF.
According to the bank’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), which reflects holdings as of June 30, Intesa reduced its common IBIT position to 40,723 shares from 646,809 shares at the end of the first quarter—a decline of 93.7%.
The filing also showed that the underlying share amount tied to the bank’s reported IBIT call options dropped from nearly 2.5 million shares to just 18,000 shares, representing a 99.3% reduction over the quarter.
Major shift in Bitcoin ETF holdings
Alongside the reduction in common shares and call options, Intesa disclosed a new put position linked to 500,000 IBIT shares. No comparable put position appeared in its previous quarterly filing.
However, the filing offers only a partial picture of the bank’s overall exposure. Form 13F reports long securities and certain long option positions but excludes written options and other derivatives. It also does not disclose key contract details such as strike prices, expiration dates, premiums, or whether positions are part of a larger hedging strategy.
As a result, the newly reported put position alone does not confirm that Intesa has adopted a bearish view on Bitcoin. Instead, it highlights a notable restructuring of the bank’s reported Bitcoin-related holdings while leaving its broader market strategy undisclosed.
Ethereum gains while Solana position fades
While Bitcoin-related exposure declined, Intesa substantially increased its allocation to the iShares Staked Ethereum Trust ETF. The bank raised its holdings from 116,200 shares at the end of March to 349,600 shares by June 30, effectively tripling its disclosed investment in the Ethereum fund.
In contrast, its position in the Bitwise Solana Staking ETF was almost completely unwound. The filing shows holdings falling from 2,817 shares in the first quarter to just seven shares at the end of the second quarter.
Intesa’s position in the Grayscale XRP Trust ETF remained unchanged at 712,319 shares across both reporting periods. While the quarter-end balance stayed the same, the filing does not indicate whether the bank bought or sold shares during the quarter before returning to that level.
Intesa’s portfolio changes come as BlackRock’s iShares Bitcoin Trust (IBIT) continues to attract strong investor demand. Between July 14 and July 20, the ETF recorded $505 million in net inflows and expanded its Bitcoin holdings to more than 738,000 BTC.
What the filing reveals
The SEC filing provides only a snapshot of positions held on June 30 rather than a record of transactions executed during the quarter. Likewise, Form 13F disclosures do not include short positions or written options, meaning they offer only a partial view of an institution’s portfolio.
That limitation is particularly relevant for options strategies, where the reported holdings may not reflect the investor’s actual market exposure.
Intesa Sanpaolo’s latest filing shows a major shift in its crypto ETF portfolio, with lower Bitcoin ETF holdings and a larger Ethereum ETF position. Future filings may provide more clarity on whether these changes reflect a long-term strategy or portfolio rebalancing.
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