Italy’s Largest Bank Switched From Bitcoin to SpaceX Stock
Intesa Sanpaolo, Italy's largest bank, disclosed a $966.42 million stake in SpaceX just weeks after slashing its exposure to BlackRock's Bitcoin ETF.
The shift marks a clear pivot from direct crypto exposure toward an indirect bet through traditional equities.
SpaceX Stock Gets Confidence from Banks
According to the filing submitted on August 4, Intesa acquired 5.66 million SpaceX shares. The position became the largest in the bank's entire US portfolio.
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The stake represents roughly 33% of the $2.92 billion the bank holds in US-listed assets. SpaceX went public on June 12. Elon Musk's company holds 18,712 BTC on its corporate balance sheet.
That reserve gives Intesa indirect exposure to Bitcoin, even as it scaled back its direct ETF bet elsewhere in the same filing.
The bank was far from alone in targeting SpaceX this quarter. Harvard Management Company disclosed a $2.2 billion stake, its largest individual holding, surpassing Amazon, TSMC, and NVIDIA.
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