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Intesa Sanpaolo cut its iShares Bitcoin Trust (IBIT) position by 94% to 40,723 shares while tripling its iShares Staked Ethereum Trust (ETHB) to 349,600 shares
Intesa Sanpaolo reduced its iShares Bitcoin Trust (IBIT) holding from 646,809 shares at the end of March to just 40,723 shares by June 30, a 93.7% drop, while its iShares Staked Ethereum Trust (ETHB) stake rose from 116,200 to 349,600 shares, a 200.9% increase [1][2].
| At a glance | |
|---|---|
| IBIT shares (June 30) | 40,723 (‑93.7%) |
| ETHB shares (June 30) | 349,600 (‑+200.9%) |
| IBIT value | $1.36 million (down from $24.85 million) |
| ETHB value | $7.10 million (up from $3.15 million) |
The bank’s move coincided with a 14% slide in Bitcoin’s price over the quarter and a 25% drop in Ether, prompting net outflows of $4.89 billion from U.S. spot Bitcoin ETFs and $715 million from Ether ETFs [2]. Intesa’s remaining crypto exposure is now dominated by the ARK 21Shares Bitcoin ETF (ARKB), which it still holds at 3.47 million shares worth $67.6 million, a decline of only 3.7% from three months earlier [1]. The new 500,000‑share put on IBIT, valued at $16.65 million, does not reveal strike or expiration details, so net exposure cannot be inferred from the filing alone [1].
BlackRock’s ETHB combines Ether price exposure with staking rewards, and its assets under management were about $562.5 million as of early August [1]. The tripling of Intesa’s ETHB stake suggests a preference for a product that offers both price upside and yield, though the bank has not publicly explained the rationale [1]. By contrast, its Bitwise Solana Staking ETF position fell to a negligible seven shares, valued at $70, down from $31,128 three months earlier [1].
Intesa Sanpaolo’s drastic cut to its Bitcoin ETF exposure, paired with a strong bet on a staking‑enabled Ether ETF, underscores a broader rebalancing within institutional crypto holdings as price volatility intensifies. The upcoming 13F filing will clarify if this represents a lasting strategic shift or a short‑term response to market swings.
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