Intesa Sanpaolo, Italy's largest bank, dramatically reduced its exposure to BlackRock's flagship spot bitcoin ETF during the second quarter, cutting its position in the iShares Bitcoin Trust (IBIT) by 94% while significantly boosting its bet on ether, according to regulatory filings.
A Sharp Pivot Away From Bitcoin
The Milan-based lender pared back its IBIT holdings sharply as digital asset prices came under pressure during the period. The move reflects a notable shift in the bank's crypto-focused ETF strategy, with its overall bitcoin ETF exposure declining 35% to roughly $69.3 million.
The reduction comes at a time when many institutional players have been recalibrating their positions amid choppy market conditions. Rather than exiting crypto entirely, however, Intesa Sanpaolo appears to have redirected some of its interest toward Ethereum-linked products.
The Italian banking giant didn't abandon crypto — it simply rotated its chips from bitcoin toward ether.
Tripling Down on Ether
While trimming its bitcoin position, the bank tripled its stake in the iShares Staked Ethereum Trust ETF, signaling growing confidence in ether-based investment vehicles. The staked ether product offers exposure to Ethereum while potentially generating additional yield through staking rewards.
The contrasting moves highlight how traditional financial institutions are increasingly treating bitcoin and ether as distinct assets with different risk and reward profiles. For Intesa Sanpaolo, the second quarter marked a clear tilt toward the second-largest cryptocurrency by market value.
- IBIT stake reduced by 94% during the second quarter
- Total bitcoin ETF holdings fell 35% to about $69.3 million
- Holdings in the iShares Staked Ethereum Trust ETF tripled
The reshuffling took place against a backdrop of slumping crypto prices, which likely influenced the bank's decision to reposition. As institutional adoption of crypto ETFs continues to evolve, Intesa Sanpaolo's latest disclosures offer a window into how major European banks are navigating the volatile digital asset landscape.