Italy’s largest bank increased its staked Ether ETF position threefold while slashing Bitcoin ETF holdings by up to 94% in Q2.
Intesa Sanpaolo, Italy’s largest bank, expanded its staked Ether ETF holdings to $7.1 million as of June 30, up from $3.15 million at the end of March. The bank’s position in the iShares Staked Ethereum Trust ETF (ETHB) grew to 349,600 shares, a threefold increase from 116,200 shares in Q1.
The bank reduced its exposure to Bitcoin ETFs, cutting its iShares Bitcoin Trust ETF (IBIT) shares by 94% to 40,723 and trimming its ARK 21Shares Bitcoin ETF (ARKB) holdings by 4% to 3.47 million shares. The ARKB position remains its largest crypto-linked holding at $67.6 million. Intesa also adjusted other crypto-related positions, including nearly doubling its BitGo stake.
Crypto ETFs allow institutional investors to gain exposure to digital assets through regulated securities, bypassing direct custody and compliance challenges.