Key facts
- Intesa Sanpaolo held a stake in SpaceX valued at approximately $966 million as of June 30.
- The bank's holding consists of nearly 5.66 million shares in the rocket and satellite company.
- SpaceX has a current market capitalization of around $1.9 trillion.
- The SpaceX stake is the largest in Intesa Sanpaolo's U.S. share portfolio.
- This holding represents about 33% of Intesa Sanpaolo's total U.S. portfolio, valued at $2.92 billion.
Italy's largest bank, Intesa Sanpaolo, disclosed in a U.S. Securities and Exchange Commission filing that it held a stake in Elon Musk's SpaceX valued at approximately $966 million as of June 30. This holding, comprising nearly 5.66 million shares, represents the single largest investment within the Italian lender's U.S. share portfolio and accounts for about 33% of its total $2.92 billion U.S. holdings.
SpaceX, which recently underwent an initial public offering in June, currently boasts a market capitalization of around $1.9 trillion. The bank's strategic investment in the aerospace sector is seen as a move to recognize the sector's growing economic importance and to position itself within the market.
In addition to its SpaceX investment, Intesa Sanpaolo also adjusted its cryptocurrency-related holdings during the second quarter. The bank significantly reduced its exposure to the iShares Bitcoin Trust (IBIT) by 94%, nearly eliminating call options on the ETF. Conversely, Intesa Sanpaolo tripled its stake in BlackRock's iShares Staked Ethereum Trust ETF (ETHB). The bank also decreased its holdings in crypto-linked equities, including Coinbase Global and Robinhood Markets.