Italy’s largest bank reduced its BlackRock Bitcoin ETF position to $1.36 million while tripling its Ethereum ETF stake to $7.1 million.
Intesa Sanpaolo cut its BlackRock iShares Bitcoin Trust (IBIT) holding by 93.7% in Q2, reducing shares to 40,723 worth $1.36 million. The bank also slashed its IBIT call position by 99.3%, while adding a new put position covering 500,000 shares, signaling a defensive stance on Bitcoin (BTC).
The bank’s Ethereum ETF stake, however, surged from 116,200 to 349,600 shares, now valued at $7.1 million. Its ARK 21Shares Bitcoin ETF (ARKB) position remained its largest crypto holding at $67.6 million, while its Grayscale XRP Trust stake stayed unchanged at $14.4 million.
The shift reflects growing institutional interest in yield-bearing Ethereum funds over Bitcoin products, though Intesa Sanpaolo maintained exposure to multiple crypto assets.