Intesa Sanpaolo Cuts Bitcoin ETF, Triples Staked Ethereum

Italy's largest banking group, Intesa Sanpaolo, dramatically reduced its reported holdings in a major Bitcoin exchange-traded fund during the second quarter while significantly increasing its stake in a staked Ethereum ETF, according to regulatory filings. The bank's disclosed positions as of June 30 show a strategic reallocation within its cryptocurrency portfolio, though the filings provide only a partial snapshot of its overall exposure.

Intesa Sanpaolo filed a Form 13F with U.S. regulators on July 31, detailing its holdings as of the end of June. The document reveals a 93.7% drop in the bank's common share position in the iShares Bitcoin Trust (IBIT), falling from 646,809 shares to 40,723. Its reported call option position tied to the same fund plummeted by 99.3%, from an underlying share count of 2,496,500 to just 18,000. Concurrently, a new put option position appeared in the June filing, representing 500,000 underlying IBIT shares.

Analysts caution that the filing format limits conclusions about the bank's net stance on Bitcoin. The report does not disclose strike prices, expiration dates, or whether the bank sold any options short. Written options and conventional short...