Intesa Sanpaolo slashes iShares Bitcoin Trust stake, boosts staked Ethereum ETF exposure
AI Market Summary
Intesa Sanpaolo's 13F shows a sharp reduction in iShares Bitcoin Trust (IBIT) shares and call-option exposure, alongside the addition of an IBIT put position with undisclosed terms, obscuring net directional exposure. The bank simultaneously increased iShares Staked Ethereum Trust holdings and nearly exited its Solana staked ETF, while XRP trust exposure stayed flat. The reallocation signals shifting institutional positioning across major crypto beta exposures.
Impact level
● Medium
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● Neutral
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Intesa Sanpaolo, Italy's largest bank, reshuffled its crypto ETF portfolio in the second quarter, according to documents cited by CryptoSlate.
The bank cut its iShares Bitcoin Trust (IBIT) common-share position to 40,723 shares from 646,809, a 93.7% drop. Its IBIT call options, previously equivalent to 2,496,500 shares, fell to 18,000 shares, down 99.3%.
The filing also shows a new IBIT put option position representing 500,000 shares. The 13F report does not provide the strike price, expiration date, premium, or Delta, leaving the bank's net options exposure unclear and making it difficult to assess whether the puts are part of a hedging strategy.
Elsewhere in the portfolio, Intesa Sanpaolo increased its iShares Staked Ethereum Trust holding to 349,600 shares from 116,200, roughly tripling. Its Bitwise Solana Staked ETF position declined to 7 shares from 2,817, while its XRP Trust holding was unchanged at 712,319 shares.
