Intesa Sanpaolo Crypto Holdings: Bitcoin Bet Cut 93.7% as Ethereum Stake Triples
Intesa Sanpaolo, Italy’s largest banking group, has made a sharp turn in its cryptocurrency ETF portfolio, and the numbers tell a story of retreat from Bitcoin exposure paired with a notable bet on staked Ethereum. According to the bank’s latest Form 13F filing with U.S. regulators, Intesa Sanpaolo’s crypto holdings shifted dramatically between the first and second quarters of 2026, with its position in BlackRock’s iShares Bitcoin Trust (IBIT) shrinking by more than 93% while its stake in a staked Ethereum ETF nearly tripled. The filing, covering the period through June 30, 2026, offers a rare window into how one of Europe’s biggest lenders is repositioning its exposure to digital assets, even if it leaves several important questions unanswered.
Key takeaways
- Intesa Sanpaolo’s common-share position in the iShares Bitcoin Trust (IBIT) fell 93.7% quarter-over-quarter, dropping to 40,723 shares as of June 30, 2026.
- The bank’s underlying IBIT call option position collapsed 99.3% to just 18,000 shares, while a brand-new put position equivalent to 500,000 IBIT shares appeared on the books.
- Holdings in the iShares Staked Ethereum Trust ETF nearly tripled, climbing from 116,200 to 349,600 shares.
- The Bitwise Solana Staking ETF position collapsed from 2,817 shares to just seven.
- The filing does not disclose the bank’s full options structure or net exposure, leaving the overall strategy only partly visible.
Intesa Sanpaolo slashes iShares Bitcoin Trust holdings
Intesa Sanpaolo dramatically cut its direct exposure to Bitcoin Trust shares during the second quarter, a move that stands out even amid the routine portfolio adjustments banks make each quarter. Its common-share position in IBIT fell 93.7% from the prior quarter, landing at 40,723 shares as of June 30, 2026. That’s a steep drawdown for a fund that, until recently, represented one of the bank’s more visible bets on regulated Bitcoin exposure through BlackRock’s flagship spot ETF.
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