Italian Bank Slashes Bitcoin Holdings, Boosts Staked Ether

Italy’s Largest Bank Slashes Bitcoin Trust Holdings, Boosts Ethereum

Italy’s largest banking group, Intesa Sanpaolo, significantly reduced its reported exposure to BlackRock’s iShares Bitcoin Trust (IBIT) in the second quarter. Concurrently, the bank more than tripled its holdings in staked Ether (ETH).

According to its latest Form 13F filing, Intesa Sanpaolo held 40,723 IBIT shares as of June 30, a substantial decrease of 93.7% from the 646,809 shares reported on March 31. The filing also revealed a dramatic shift in its reported call position in the fund. The underlying share amount linked to its held-call row plummeted from 2,496,500 shares to 18,000, representing a decline of over 99%.

In parallel, a new put position equivalent to 500,000 IBIT shares emerged in the June 30 disclosure. However, the reported figures do not indicate that the bank has adopted a net bearish strategy on Bitcoin.

Meanwhile, Intesa Sanpaolo’s holdings in the iShares Staked Ethereum Trust ETF increased from 116,200 shares to 349,600. Conversely, its position in the Bitwise Solana Staking ETF saw a sharp drop, falling from 2,817 shares to just seven.

This latest filing follows Intesa Sanpaolo’s initial direct Bitcoin purchase in January 2025, when it acquired 11 BTC for approximately $1.03 million. In July 2024, the bank also utilized the Polygon network to underwrite Italy’s first on-chain digital bond, valued at $25.6 million. Later that year, it established a dedicated desk to offer options, futures, and spot ETFs linked to digital assets.

The bank’s strategic adjustment is noteworthy, as some BlackRock clients have recently mirrored this trend. For instance, reports indicate that customers of the asset management giant sold approximately $60 million worth of IBIT last week, while simultaneously purchasing over $20 million worth of BlackRock’s ETHA spot Ethereum ETF.

While Intesa Sanpaolo scaled back its IBIT position, the broader U.S. spot Bitcoin ETF market has experienced a different trajectory. These funds recorded a record monthly net outflow of about $4.5 billion in June. This trend reversed in July, with the funds attracting $172.4 million, marking a turnaround after two consecutive months of significant withdrawals. This influx contributed to Bitcoin’s price recovery towards $64,000 mid-month.

This positive sentiment appears to have persisted into August, as the ETFs have attracted an additional $170 million so far. BlackRock’s IBIT continues to lead the market, having garnered nearly $61 billion in total inflows since its inception.