Intesa Sanpaolo, Italy's largest bank, slashed its BlackRock Bitcoin Trust holdings by nearly 94% in the second quarter. The common share position in IBIT fell from 646,809 shares worth $24.85 million at the end of March to just 40,723 shares valued at $1.36 million by June 30.
The pivot wasn't subtle. The bank's call options tied to IBIT collapsed 99.3%, dropping from underlying exposure on 2.50 million shares to only 18,000. But Intesa didn't simply exit. It added a new put position covering 500,000 shares worth $16.65 million, essentially hedging downside risk rather than abandoning the asset class entirely.
Ethereum bets offset Bitcoin retreat
While retreating from Bitcoin, Intesa tripled its staked Ethereum exposure. The bank's iShares Staked Ethereum Trust ETF position jumped from 116,200 shares to 349,600 shares. The shift suggests confidence in Ethereum's yield-generating potential over spot Bitcoin holdings, at least for this quarter's positioning.
The bank's relationship with Bitcoin products remains complicated. Despite cutting IBIT, Intesa maintained substantial exposure through the ARK 21Shares Bitcoin ETF, holding 3.47 million ARKB shares worth $67.63 million. That position barely moved, dropping only 3.7% from the previous quarter, which undermines any reading of blanket Bitcoin pessimism.
One staking play did crater. Intesa's Bitwise Solana Staking ETF position nearly disappeared, falling from 2,817 shares to seven. The bank's Form 13F filing doesn't clarify whether these positions represent proprietary treasury holdings, managed funds, or customer accounts under the bank's discretion.
Bitcoin dipped on the filing, though traders noted the ARKB retention suggests institutional conviction remains mixed rather than fleeing entirely.
This article is informational and does not constitute financial advice. Institutional fund movements reflect portfolio positioning and do not guarantee future price movements.
