Intesa Sanpaolo’s Bitcoin ETF holding drops 94%, triples stake in staked Ethereum fund
🚨 Intesa Sanpaolo slashed its Bitcoin ETF holding by 94% and tripled staked Ethereum shares. 📈 The bank grew its staked Ethereum position from 116,200 to 349,600 shares in Q2. 📉 Solana ETF holdings nearly vanished while $XRP exposure stayed the same throughout the quarter. ℹ️ Intesa Sanpaolo is Italy's largest bank and a key player in European finance.
Intesa Sanpaolo, Italy’s largest banking group, has significantly changed the composition of its crypto exchange-traded fund (ETF) holdings, according to its latest mandatory disclosure to US regulators. Sharp reduction in Bitcoin ETF exposureAccording to the Form 13F filed with the US Securities and Exchange Commission (SEC) on July 31, the bank’s common shareholding in the iSharesBitcoinTrust fund fell dramatically between March and June. The reported position decreased from 646,809 shares on March 31 to 40,723 by June 30, marking an approximate 94% reduction. Intesa Sanpaolo also reduced its exposure through call options. The underlying share count tied to these positions fell steeply, from 2,496,500 to 18,000, which reflects a drop of over 99%. Additionally, the June filing introduced a new put option tied to 500,000 underlying shares, a position that did not appear in earlier disclosures. Asset/PositionMarch 31 HoldingsJune 30 HoldingsChange (%)iShares Bitcoin Trust (Common Shares)646,80940,723-93. 7%iShares Bitcoin Trust (Call Options)2,496,50018,000-99. 3%iShares Bitcoin Trust (Put Options)0500,000New PositionThe Form 13F report, a quarterly filing required by institutional investment managers with at least $100 million in assets under management, only reveals positions held as of the end of the reporting period. It does not specify strike prices, expiry dates, or whether options were sold short, leaving the bank’s precise strategy and risk exposure open to interpretation. Intesa Sanpaolo is Italy’s leading financial institution, with operations spanning commercial banking, asset management, and insurance in Europe and beyond. Ethereum positions surge as Solana holdings all but disappearWhile reducing its Bitcoin ETF exposure, Intesa Sanpaolo increased its stake in the iShares StakedEthereumTrust fund. The bank tripled its holding, from 116,200 shares on March 31 to 349,600 shares at the end of June. Meanwhile, its investment in the BitwiseSolanaStaking ETF was almost entirely eliminated, dropping from 2,817 shares to just seven between quarters. Holdings of the Grayscale XRP Trust ETF remained steady at 712,319 shares, showing little to no movement after accounting for possible trading activity that left the quarter-end balance unchanged. ETFMarch 31 SharesJune 30 SharesChangeiShares Staked Ethereum Trust116,200349,600+201%Bitwise Solana Staking ETF2,8177-99. 8%Grayscale XRP Trust ETF712,319712,3190%Intesa Sanpaolo reported a sharp reduction in both its Bitcoin ETF and call option positions, while increasing its staked Ethereum fund exposure more than threefold. The bank’s Solana holdings nearly vanished, with XRP balances remaining unaltered over the quarter. Form 13F filings reveal only a snapshot at the end of each quarter, presenting limited insight into daily trading or rationale behind trades. The filings do not capture written or short option strategies and lack detail concerning strike prices or expiration dates. Due to these disclosure gaps, outside observers cannot definitively calculate the bank’s net exposure to any crypto asset based only on publicly available records. Nevertheless, the data show Intesa Sanpaolo’s declared crypto investments now favor staked Ethereum over Bitcoin, with dramatically reduced exposure to Solana and steady XRP holdings. Mini dictionary: Form 13F, a quarterly report that US institutional investment managers managing at least $100 million in certain securities must file with the SEC, disclosing their equity holdings as of the quarter’s end. Disclaimer:The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.