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Intesa Sanpaolo Cuts BTC ETF Stake by 94% and Triples Position in Staked ETH

Italy's largest banking group, Intesa Sanpaolo, significantly reconfigured its digital asset portfolio in Q2. It drastically reduced its stake in BlackRock's iShares Bitcoin Trust (IBIT) by ~94% but maintained a major $67.6M position in the ARK 21Shares Bitcoin ETF (ARKB). Concurrently, the bank tripled its investment in BlackRock's iShares Staked Ethereum Trust, raising its stake to $7.1M. This rotation suggests a strategic pivot towards yield-generating crypto products like staked Ethereum, which offers 3-4% annual rewards, amid a declining market (BTC fell 14%, ETH 25% in Q2). The bank also adjusted stakes in crypto-related companies, notably doubling its position in Bitgo while reducing holdings in Coinbase, Circle, and Robinhood. Additionally, Intesa opened a large $966.42M position in SpaceX, which indirectly provides crypto exposure through its corporate Bitcoin holdings. The moves indicate an evolution from initial experimentation to active, hedged portfolio management of digital assets.

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