Intesa Sanpaolo slashed IBIT stake by 94% in 2Q, tripled ether ETF holding as crypto prices slumped

Intesa Sanpaolo (ISP), Italy’s second-largest bank by market capitalization, reduced its bitcoin BTC$63,898.05 exposure through the iShares Bitcoin Trust (IBIT) ETF, in the second quarter, cutting its stake by 94% and nearly eliminating call options as the price of the largest cryptocurrency tumbled.

The bank reported owning 40,723 shares of IBIT valued at $1.36 million as of June 30, down from 646,809 shares three months earlier, according to its latest filings. The bank also got rid of 99% of its call options, which give it the right, but not the obligation, to buy shares in the ETF at a predetermined price, while adding put options, which give the equivalent right to sell.

The Turin-based company’s holdings restructuring took place during a quarter that saw the bitcoin price slump 14% after two successive quarters of declines in excess of 20%. For ether (ETH), in contrast, the bank bolstered its ETF positions even as the second-largest cryptocurrency slid 25%.

It wasn’t alone in rejigging its exposure to cryptocurrencies. U.S. spot bitcoin ETFs overall recorded roughly $4.89 billion of net outflows in the three months through June, according to SoSoValue data. IBIT alone lost $2.95 billion. Spot ether ETFs also suffered, with more than $715 million in outflows.

Intesa Sanpaolo, in contrast, tripled its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares. The position was worth $7.10 million at quarter-end, up from $3.15 million.

Among crypto-linked equities, the bank nearly doubled its BitGo Holdings (BTGO) position to 323,000 shares, while reducing its stake in Coinbase Global (COIN) by 32%, Circle Internet (CRCL) by 10% and Robinhood Markets (HOOD) by 43%.

The filing also shows a new 5.66 million-share SpaceX (SPCX) position valued at $966.42 million, making it Intesa’s largest disclosed holding. SpaceX, which went public on June 12, holds 18,712 bitcoin worth $1.18 billion. It reduced its holdings in Tesla (TSLA) by 92%.

Intesa made its first direct bitcoin purchase in January 2025, acquiring 11 BTC for about 1 million euros ($1.2 million) as part of what CEO Carlo Messina described as an experiment.