Italy’s Intesa Sanpaolo Cuts BlackRock Bitcoin ETF Stake 94%

Key Point

Intesa Sanpaolo slashed its BlackRock iShares Bitcoin Trust holding by 93.7% last quarter while tripling its iShares Staked Ethereum Trust ETF stake. The bank reported 40,723 IBIT shares worth $1.36 million as of June 30, down from 646,809 three months earlier. Its reported IBIT call position shrank 99.3%, and a new put position covering 500,000 IBIT shares appeared in the filing. The bank kept 3.47 million ARK 21Shares Bitcoin ETF shares worth $67.6 million, which remained its largest crypto ETF position. Form 13F filings only capture long positions in U.S.-listed securities and omit short exposure and full options structures, so the bank’s net positioning stays unclear.

Market Sentiment

Neutral, Flow-led, Rotation.

Reason: Intesa Sanpaolo reduced its IBIT holding while increasing its staked Ethereum fund stake, which points to relative rotation rather than a full crypto exit.

Similar Past Cases

Institutional 13F rotations in crypto ETF products typically create more signal for relative demand than immediate spot-market pressure. The difference is that this filing also includes options positions, so long-only holdings may not show net exposure.

Ripple Effect

If more Q2 disclosures show similar Ethereum fund growth, ETF flow narratives could shift from Bitcoin-only demand toward yield-linked Ethereum exposure.

Opportunities & Risks

Opportunities: Watch whether more Q2 disclosures show Ethereum fund additions, because repeated filings would strengthen the rotation signal.

Risks: Watch whether options and undisclosed short exposure offset the reported long holdings, because Form 13F does not show net positioning.