Key facts
- Intesa Sanpaolo tripled its stake in a staked Ether ETF to $7.1 million.
- The bank reduced its iShares Bitcoin Trust ETF (IBIT) holdings by 94%.
- Intesa Sanpaolo's Ether ETF position increased from $3.15 million to $7.1 million.
- The bank's IBIT stake fell to 40,723 shares from 646,809.
- Intesa Sanpaolo also adjusted holdings in other crypto-linked equities and SpaceX.
Italy's largest banking group, Intesa Sanpaolo, significantly adjusted its cryptocurrency-linked exchange-traded fund holdings in the second quarter. The bank tripled its investment in an iShares staked Ether ETF, increasing its position to $7.1 million by June 30, up from $3.15 million at the end of March. Concurrently, Intesa Sanpaolo reduced its exposure to spot Bitcoin ETFs, cutting its stake in the iShares Bitcoin Trust ETF (IBIT) by approximately 94% to 40,723 shares from 646,809 shares. The bank also maintained 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), a 4% decrease, valued at $67.6 million. Among other adjustments, Intesa Sanpaolo nearly doubled its BitGo Holdings position to 323,000 shares, reduced its Coinbase Global stake by 32%, and reported a new 5.66 million-share position in SpaceX valued at $966.42 million. These moves occurred as Bitcoin slid 14% and Ether slumped 25% in the quarter, with U.S. spot Bitcoin ETFs experiencing net outflows of $4.89 billion and Ether ETFs seeing $715 million in outflows.