Intesa cuts bitcoin ETF stake 94% while tripling its ether ETF holding
The Italian bank reported 40,723 IBIT shares at June 30 and 349,600 shares of BlackRock's staked-ether ETF, reshaping its crypto exposure during a weak quarter.
Intesa Sanpaolo cut its reported holding of BlackRock's spot bitcoin ETF by 94% during the second quarter while more than tripling its position in the issuer's staked-ether ETF. The Italian bank held 40,723 shares of IBIT worth about $1.36 million at June 30, down from 646,809 shares three months earlier.
The position appears in the bank's quarterly Form 13F filing. Intesa also nearly eliminated its IBIT call options and added put options covering 500,000 shares, giving the bitcoin exposure a more defensive shape.
At the same time, the bank reported 349,600 shares of BlackRock's ETHB, valued at $7.10 million, compared with $3.15 million at the end of the first quarter. The changes were made as bitcoin fell 14% and ether fell 25% during the quarter, according to CoinDesk's review of the filing.
A selective institutional allocation
The portfolio does not read like a simple exit from digital assets. Intesa increased ether ETF exposure, nearly doubled its position in crypto custodian BitGo, and retained positions in several companies connected to the sector. It cut Coinbase, Circle and Robinhood holdings, however, showing that the bank was adjusting individual exposures rather than applying one broad view to every crypto-linked asset.
The timing also matters. Spot bitcoin ETFs recorded $4.89 billion of net outflows in the quarter, while ether ETFs saw more than $715 million leave, according to the report. Against that backdrop, the larger ETHB position may reflect a view on staking income, a different risk profile, or a portfolio rebalance rather than a short-term call on ether's price.
The next quarterly filing will show whether the change was a one-quarter hedge or the beginning of a new allocation. For now, Intesa's disclosure is a useful institutional signal: exposure is becoming more granular, with banks separating bitcoin, ether, custody infrastructure and public fintech shares instead of treating them as one trade.
