Italy's Intesa Sanpaolo dumped 94% of its Bitcoin ETF holdings in the second quarter. The country's largest banking group cut its stake in BlackRock's iShares Bitcoin Trust from 648,923 shares to just 40,723 shares between Q1 and Q2 2026. At the same time, it nearly tripled its Ethereum position, snapping up 349,600 shares of the iShares Staked Ethereum Trust, up from 116,200.
The shift tells a story about where institutional money is flowing. Bitcoin spot ETFs drained billions in the first half of 2026, while Ethereum products held steadier. Intesa's moves reflect this broader pattern. The bank also gutted its Solana exposure, dropping from 2,817 shares to seven.
What's less clear is whether Intesa simply followed the outflow tide or made a calculated bet against Bitcoin. The SEC filing shows direct holdings and options, but not the bank's full derivatives book or off-balance-sheet positions. That context matters. Recent data complicates the picture anyway. In early August, Bitcoin ETFs pulled in $170 million while Ethereum ETFs lost $11.9 million on a single day, suggesting momentum can flip fast.
Intesa also layered on downside protection by taking a new put option position worth 500,000 IBIT shares, a hedge that could signal either caution or a more complex trading strategy. Whether this is a temporary repositioning or a permanent strategy shift remains an open question. The filing itself can't answer that.
This article provides information about institutional portfolio moves and is not financial advice. Always do your own research before making investment decisions.
