Intesa Sanpaolo, Italy's second-largest bank by market capitalization, has made a significant strategic shift in its cryptocurrency investments, drastically reducing its stake in the iShares Bitcoin Trust (IBIT) ETF by 94% in the second quarter of this year. This decision comes amidst a broader decline in cryptocurrency values, particularly bitcoin, which saw a 14% drop during the same period.
As of June 30, the bank held only 40,723 shares of IBIT, valued at approximately $1.36 million, down from 646,809 shares three months earlier. Additionally, Intesa Sanpaolo has sold off 99% of its call options, which allow the purchase of shares at a set price, and instead acquired put options for 500,000 shares, which provide the right to sell shares.
In contrast to its bitcoin holdings, the bank has significantly increased its investment in the iShares Staked Ethereum Trust ETF (ETHB), tripling its position to 349,600 shares, worth $7.10 million at the end of the quarter, up from $3.15 million. This move reflects a shift in focus toward ether, even as ether prices fell by 25%.
