Intesa Sanpaolo Cuts IBIT Stake and Raises Ethereum ETF Exposure

Intesa Sanpaolo Cuts BlackRock Bitcoin ETF Stake by 93.7% – Filing Shows Increased Allocation to Staked Ethereum Fund

Key Takeaways

Intesa Sanpaolo reduced its BlackRock iShares Bitcoin Trust holding by 93.7% in the second quarter.
The bank tripled its position in the iShares Staked Ethereum Trust ETF to 349,600 shares.
A new put position covering 500,000 IBIT shares appeared in the latest Form 13F filing.
The bank maintained large positions in ARK 21Shares Bitcoin ETF and Grayscale XRP Trust.
US spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, according to SoSoValue data cited in the report.

Intesa Sanpaolo Significantly Reduces IBIT Exposure

Intesa Sanpaolo, Italy’s largest banking group, sharply reduced its exposure to BlackRock’s iShares Bitcoin Trust (IBIT) during the second quarter, according to its latest Form 13F filing. As of June 30, the bank reported holding 40,723 IBIT shares valued at approximately $1.36 million. Three months earlier, it had held 646,809 shares.

This represents a reduction of 93.7% in the common stock position. In addition, the bank’s reported call position declined by 99.3%, falling from an underlying 2.5 million shares to 18,000 shares.

The filing also shows a newly established put position covering 500,000 IBIT shares. Put options typically gain value when the underlying asset declines. The filing does not disclose the full options structure or the institution’s overall net exposure, as Form 13F reports only long positions in US listed securities.

For readers tracking institutional flows into crypto exchange traded products, these changes provide a snapshot of how one major European bank adjusted its US listed crypto ETF exposure during the quarter.

Ethereum ETF Position Tripled in the Same Period

While reducing its Bitcoin ETF exposure, Intesa Sanpaolo increased its allocation to the iShares Staked Ethereum Trust ETF. The bank expanded its position from 116,200 shares to 349,600 shares, with a reported value of $7.1 million as of June 30.

The iShares Staked Ethereum Trust is designed to earn network staking rewards on its Ethereum holdings. Bitcoin based ETFs do not offer staking rewards, as the Bitcoin network does not support staking in the same way.

The filing also shows a sharp reduction in the bank’s position in the Bitwise Solana Staking ETF. Holdings fell from 2,817 shares to just seven shares by the end of the quarter.

These portfolio adjustments indicate a reallocation within crypto related exchange traded products, based strictly on the reported holdings.

Bitcoin Exposure Remains Through Other Funds

Despite the substantial reduction in IBIT, Intesa Sanpaolo did not fully exit Bitcoin related ETF exposure. The bank maintained 3.47 million shares of the ARK 21Shares Bitcoin ETF, valued at $67.6 million. This remains its largest crypto ETF position, according to a comparison with its previous quarterly report.

In addition, the bank left its $14.4 million position in the Grayscale XRP Trust unchanged. It also opened a new position valued at $293,190 in the Morgan Stanley Bitcoin Trust.

Because Form 13F filings do not include short positions or comprehensive derivatives exposure, the overall directional stance of the bank toward Bitcoin cannot be determined solely from these disclosures. The filing reflects reported long positions and certain options positions in US listed securities.

Other Institutional Filings Show Similar Adjustments

Intesa Sanpaolo is not the only institution to adjust its Bitcoin ETF exposure. According to the same report, trading firm Jane Street reduced its IBIT common stock position by 71% in the first quarter, based on its own disclosure.

During the same period, Jane Street nearly doubled its stake in the iShares Ethereum Trust (ETHA) to 11.1 million shares. It also increased its position in the Fidelity Ethereum Fund from $3.1 million to $43.6 million.

As a market maker, Jane Street may hold positions as inventory for clients rather than as directional investments. The filings, however, show a clear shift in reported holdings between Bitcoin and Ethereum related products during the quarter.

Bitcoin ETF Outflows Coincide With Portfolio Changes

Flow data referenced in the report aligns with the reduction in Bitcoin ETF exposure. According to SoSoValue figures cited, US spot Bitcoin ETFs recorded significant net outflows during most of the second quarter. June marked the worst month on record for these products, with $4.5 billion in net outflows.

The timing of these outflows overlaps with the reporting period covered by the Form 13F filings. Most second quarter disclosures are due before the August 14 deadline. Additional filings may provide further detail on how other institutions adjusted their crypto ETF allocations during the same period.

For market participants, including users evaluating crypto related financial products, such institutional filings offer insight into how large financial entities allocate capital across Bitcoin, Ethereum, and other digital asset vehicles within regulated exchange traded structures.

Our Assessment

The latest Form 13F filing shows that Intesa Sanpaolo reduced its BlackRock iShares Bitcoin Trust position by 93.7% while tripling its allocation to the iShares Staked Ethereum Trust ETF. The bank maintained substantial exposure to Bitcoin through other ETFs, including ARK 21Shares Bitcoin ETF, and kept its position in Grayscale XRP Trust unchanged. Similar adjustments were reported by Jane Street, and the quarter coincided with record net outflows from US spot Bitcoin ETFs in June. Together, these disclosed holdings document a measurable reallocation among selected crypto exchange traded products during the reporting period.