Intesa Sanpaolo, a Turin-based banking group, tripled its position in the iShares Staked Ethereum Trust ETF (ETHB) during the second quarter.
While increasing its Ethereum-linked position, the group reduced its iShares Bitcoin Trust (IBIT) ETF shareholding by approximately 94% in the second quarter, falling from 646,809 shares to 40,723 shares. As of June 30, those 40,723 shares were valued at $1.36 million.
The bank also adjusted its options for the iShares Bitcoin Trust (IBIT). Its call options for the ETF were reduced by 99%, falling from an underlying 2.5 million shares to 18,000,
Crypto-linked holdings and other assets
Regarding other crypto-related holdings, Intesa Sanpaolo retained 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth $67.6 million, which remained its largest crypto-linked holding in the filing. This position saw a decrease of about 4% from the first quarter. The bank's position in the Grayscale XRP Trust ETF (GXRP) remained unchanged at 712,319 shares, valued at $14.4 million.
Other asset shifts included a 32% reduction in Coinbase Global (COIN) stakes to 7,000 shares, a 10% reduction in Circle Internet (CRCL), and a 43% reduction in Robinhood Markets (HOOD) holdings.
In a new filing, Intesa Sanpaolo disclosed a 5.66 million-share position in SpaceX (SPCX) valued at $966.42 million, representing the bank's largest disclosed holding.
Market context and history
The shifts occur against a backdrop of volatile crypto prices; Bitcoin slumped 14% in the second quarter following two quarters of declines exceeding 20%, while Ether slid 25% in the same period. US spot bitcoin ETFs recorded roughly $4.89 billion in net outflows in the three months through June, with the iShares Bitcoin Trust (IBIT) accounting for $2.95 billion of those outflows. Spot ether ETFs saw more than $715 million in outflows. June alone saw a record $4.5 billion leave US Bitcoin spot ETFs.
Experiment
Intesa Sanpaolo's direct involvement with bitcoin includes an initial purchase of 11 BTC for approximately 1 million euros ($1.2 million) in January 2025.
There are differing views regarding the bank's scale; while some sources identify Intesa Sanpaolo as Italy's largest banking group, others describe it as the country's second-largest bank by market capitalization.
