Intesa Sanpaolo Slashes BlackRock's IBIT Stake by 94%, Triples Staked Ethereum ETF Position
AI Market Summary
Intesa Sanpaolo's 13F shows a sharp reduction in reported IBIT equity and call-linked exposure, alongside a new put position, while materially increasing holdings in a staked Ethereum ETF. The shift highlights institutional rebalancing within listed crypto products and suggests more cautious positioning toward bitcoin beta versus ETH staking-linked yield exposure. Net exposure is unclear due to undisclosed options structure, but flows can influence ETF liquidity and relative crypto sentiment.
Impact level
● Medium
Affected assets
BTC/USDT+0.86%
AI Insight · BTC/USDTAI Insight
● Neutral
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Intesa Sanpaolo, Italy's largest banking group, sharply reduced its exposure to BlackRock's iShares Bitcoin Trust (IBIT) in the latest Form 13F filing. As of June 30, the bank's common-share holding in IBIT fell 93.7% from the prior quarter to 40,723 shares.
The underlying share amount linked to its reported IBIT call options dropped 99.3% to 18,000 shares. The filing also shows a newly reported put position equivalent to 500,000 IBIT shares.
At the same time, Intesa increased its stake in the iShares Staked Ethereum Trust ETF, lifting holdings from 116,200 to 349,600 shares. Its position in the Bitwise Solana Staking ETF was cut from 2,817 shares to seven.
The disclosure does not provide enough detail to determine the bank's full options strategy or net exposure.
