FinanceIntesa Sanpaolo Cuts IBIT Holding by 94% in Q2, Increases Ether ETF Position
The Italian bank expanded its investment in the iShares Staked Ethereum Trust ETF while its bitcoin ETF holdings decreased by 35% to $69.3 million.
By Francisco Rodrigues|Edited by Sheldon Reback Aug 4, 2026, 2:25 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Intesa Sanpaolo's headquarters in Turin (Riccardo Tuninato/Unsplash)SummaryShow- Intesa Sanpaolo significantly reduced its stake in the IBIT ETF by 94%, almost eliminating its call options and introducing puts for 500,000 shares in Q2.
- In contrast, it tripled its investment in the iShares Staked Ethereum Trust ETF (ETHB).
- During the quarter, bitcoin prices fell by 14%, leading to net outflows of $4.89 billion from U.S. spot ETFs, while ether dropped by 25% with $715 million in ETF outflows.
Intesa Sanpaolo (ISP), the second-largest bank in Italy by market capitalization, drastically cut its bitcoin exposure via the iShares Bitcoin Trust (IBIT) ETF in the second quarter, reducing its stake by 94% amid a decline in the largest cryptocurrency's value.
As of June 30, the bank held 40,723 shares of IBIT, worth approximately $1.36 million, down from 646,809 shares three months prior, as indicated by its recent filings. Additionally, Intesa Sanpaolo disposed of 99% of its call options, which would allow it to purchase shares at a predetermined price, while acquiring put options that grant it the right to sell shares.
This strategic realignment occurred during a quarter marked by a 14% drop in bitcoin prices, following two consecutive quarters of over 20% declines. Conversely, the bank increased its positions in ether ETFs despite a 25% decrease in the value of the second-largest cryptocurrency.
Intesa Sanpaolo was not alone in adjusting its cryptocurrency holdings. Overall, U.S. spot bitcoin ETFs experienced about $4.89 billion in net outflows during the three months ending in June, with IBIT alone suffering a loss of $2.95 billion. Ether ETFs also faced challenges, with net outflows exceeding $715 million.
In a notable shift, Intesa Sanpaolo tripled its investment in BlackRock's iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares, which was valued at $7.10 million at the end of the quarter, up from $3.15 million previously.
In terms of crypto-related equities, the bank nearly doubled its stake in BitGo Holdings (BTGO) to 323,000 shares, while reducing its holdings in Coinbase Global (COIN) by 32%, Circle Internet (CRCL) by 10%, and Robinhood Markets (HOOD) by 43%.
The filing also revealed a new position in SpaceX (SPCX) with 5.66 million shares valued at $966.42 million, making it Intesa's largest disclosed investment. SpaceX, which went public on June 12, holds 18,712 bitcoins worth $1.18 billion. Additionally, the bank cut its stake in Tesla (TSLA) by 92%.
Intesa Sanpaolo made its initial direct bitcoin purchase in January 2025, acquiring 11 BTC for about 1 million euros ($1.2 million) as part of an initiative described by CEO Carlo Messina as an experiment.
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