Intesa Sanpaolo, Italy's largest banking group, restructured its digital asset portfolio in the second quarter, dramatically reducing its stake in a spot Bitcoin exchange-traded fund (ETF) while simultaneously tripling its investment in an Ethereum-based yield product.
According to filings with the U.S. Securities and Exchange Commission (SEC), Intesa cut its holdings in BlackRock's iShares Bitcoin Trust (IBIT) ETF by approximately 94%—from 646,809 shares to 40,723 shares. The remaining position was valued at $1.36 million as of June 30. Additionally, the bank liquidated 99% of its IBIT call options and opened a new position of 500,000 shares in IBIT put options—a contract that gains value if the ETF price declines further.
Despite the reduction in IBIT, this move does not signify a complete exit from Bitcoin. Intesa maintained a holding of 3.47 million shares in the ARK 21Shares Bitcoin ETF (ARKB), valued at $67.6 million at the end of the quarter. This position, down just 4% from the previous quarter, remains the largest single crypto-related position in the bank's filings. Intesa also left its position in the Grayscale XRP Trust unchanged at 712,319 shares.
On the other hand, the bank tripled its investment in BlackRock's iShares Staked Ethereum Trust, increasing its stake from 116,200 shares ($3.15 million) at the end of March to 349,600 shares ($7.1 million) as of June 30.
The fund, which invests in staked ether, holds ETH while receiving annual staking rewards from the network of approximately 3% to 4%. With ETH's price down 25% in the second quarter, Intesa's increased positioning reflects a strategy of buying on market weakness to secure regular yield, a feature not available in traditional spot Bitcoin funds.
This rotation mirrors a broader institutional shift towards yield-generating crypto products. Another investment bank, Morgan Stanley, recently introduced ether staking-based exchange products for its institutional clients, indicating growing interest in dividend-like income within the digital asset space.
The portfolio adjustment occurred against a challenging market backdrop. Bitcoin fell 14% in Q2, marking its third consecutive quarterly decline, while aggregate net outflows from spot Bitcoin ETFs reached nearly $4.89 billion. The iShares Bitcoin Trust alone accounted for $2.95 billion of these net outflows, while spot ether products saw outflows of over $715 million.
Intesa's Q2 filing also detailed changes in its investments in crypto infrastructure companies. The bank nearly doubled its stake in Bitgo Holdings to 323,000 shares, while reducing positions in Coinbase (down 32%), Circle (down 10%), and Robinhood (down 43%).
Furthermore, the bank opened a major non-crypto position, acquiring 5.66 million shares in commercial space company SpaceX for $966.42 million. This stake provides indirect exposure to crypto, as SpaceX holds 18,712 Bitcoin on its corporate balance sheet.
Intesa Sanpaolo CEO Carlo Messina previously characterized the bank's initial direct purchase of 11 Bitcoin for about €1 million in January 2025 as an experimental test. The latest data suggests this trial has evolved into active, hedged portfolio management, ready to reallocate assets between products as conditions change.
Institutional investors managing over $100 million in U.S. exchange-listed equities must file their second-quarter 13F reports by August 14, which will clarify whether other financial giants pursued similar ETF rotation strategies.
