The Italian banking giant, which has increased its investments in cryptocurrencies since last year, has now almost completely switched to Ethereum.
Thus, Italy's largest banking group, Intesa Sanpaolo, has taken a significant step.
Although the bank sold a significant portion of its assets in BlackRock's Bitcoin ETF, it substantially increased its position in Ethereum.
In this context, the bank tripled its position in BlackRock's iShares Staked Ethereum Trust ETF, while closing almost its entire position in a Solana ETF.
According to the report, as of June 30, the bank reduced its stake in the BlackRock iShares Bitcoin Trust (IBIT) fund by 93.7% compared to the previous quarter, bringing it to 40,723 shares.
The bank also significantly reduced its investments in the Bitwise Solana Staking ETF. Its position in the SOL fund decreased from 2,817 shares to just 7 shares.
In contrast, Intesa Sanpaolo significantly increased its stake in Ethereum. The bank nearly tripled its position in the iShares Staked Ethereum Trust ETF, increasing it from 116,200 shares to 349,600 shares.
According to currently available data, Intesa Sanpaolo is significantly reducing its positions in Bitcoin and Solana, while substantially increasing its positions in Ethereum, indicating a significant shift in the bank's portfolio structure towards cryptocurrency ETFs.
*This is not investment advice.
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