Italy's largest bank dumped nearly all its Bitcoin ETF position in the second quarter of 2026. Intesa Sanpaolo cut its BlackRock iShares Bitcoin Trust stake from 646,809 shares down to 40,723, wiping out $1.36 million worth of exposure by June 30. The move came wrapped in a broader hedging strategy, replacing bullish call options with bearish put contracts covering half a million shares.
Not a clean exit from crypto
But here's what complicates the narrative. The bank still holds 3.47 million shares of the ARK 21Shares Bitcoin ETF worth $67.6 million, its single largest crypto position in the entire filing. That stake barely budged, down just 4% from the prior quarter. Intesa also kept its Grayscale XRP Trust holdings completely intact at 712,319 shares. The picture isn't a wholesale retreat from digital assets. It's surgical: cutting exposure to spot Bitcoin while keeping other crypto-linked positions steady.
The selective pruning suggests something more tactical than ideological. Bitcoin traded around $64,000 during the quarter, essentially flat. Ethereum hovered near $1,850. Neither asset delivered a reason to panic-dump. Yet Intesa tripled down on BlackRock's iShares Staked Ethereum Trust ETF, the product that holds ETH and passes through network staking rewards to shareholders. That move runs counter to the Bitcoin reduction and hints at where the bank's conviction shifted.
A broader rotation story
Crypto portfolios at big institutions are reshuffling. Staking mechanics have become central to Ethereum discussions, with researchers debating reward structures and supply dynamics. Intesa's allocation change reflects what's happening across institutional desks: Bitcoin gets commoditized through spot ETFs while yield-bearing products like staked Ethereum attract fresh capital. The quarterly filing landed August 4, when the broader crypto market was up just 1.7% since the prior day and total volume sat above $53 billion. Nothing dramatic in price action. Everything deliberate in positioning.
This article is informational only and does not constitute financial advice. Always conduct your own research before making investment decisions.
