Italy’s largest bank reduced its BlackRock Bitcoin ETF position while increasing exposure to a staked Ethereum ETF in Q2.
Intesa Sanpaolo cut its common-share stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 93.7% to 40,723 shares as of June 30. The bank also reduced its IBIT call position by 99.3% to 18,000 shares and introduced a new put position equivalent to 500,000 shares.
In contrast, the bank’s holdings in the iShares Staked Ethereum Trust ETF surged from 116,200 to 349,600 shares. Its Bitwise Solana Staking ETF position declined sharply from 2,817 to seven shares. The filing did not disclose the bank’s full options strategy or net exposure.
The shift reflects a reallocation of crypto-related assets, though the bank’s broader strategy remains unclear.