Intesa Sanpaolo Cuts IBIT Stake by 94% in Q2 and Triples Ether ETF Exposure During Market Slump

TL;DR

• Intesa Sanpaolo cut its IBIT stake by 94% to 40,723 shares, eliminated 99% of call options and added puts covering 500,000 shares.
• The bank tripled its ETHB holding to 349,600 shares worth $7.10 million even as Ether fell 25% and ETF outflows exceeded $715 million.
• It early doubled BitGo exposure while reducing Coinbase, Circle and Robinhood stakes, revealing a selective repositioning across crypto-linked assets during the quarter.

Intesa Sanpaolo reworked its crypto-linked portfolio during the second quarter, cutting its iShares Bitcoin Trust position by 94% while expanding exposure to a staked Ether exchange-traded fund. The Italian group reported 40,723 IBIT shares worth $1.36 million on June 30, down from 646,809 shares three months earlier. The portfolio change was not a simple retreat from digital assets, but a decisive rotation away from one Bitcoin vehicle toward Ether exposure. That contrast is striking because both cryptocurrencies declined during the quarter, leaving price weakness unable to explain the bank’s opposite allocation decisions.

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