Intesa Sanpaolo slashes IBIT exposure by 94%, triples position in BlackRock's StakedETH ETF

Intesa Sanpaolo, Italy's largest bank, made a sharp shift in its crypto ETF positioning in the second quarter, cutting its stake in BlackRock's iShares Bitcoin Trust (IBIT) while materially boosting exposure to BlackRock's newly launched iShares Staked Ethereum Trust (ETHB), according to the lender's latest Form 13F filing. IBIT: Intesa reduced its common-share holding by 93.7%, to 40,723 shares at June 30 from 646,809 shares at March 31. The reported market value dropped to $1.36 million from $24.85 million. Options exposure tied to IBIT also fell sharply: call positions declined from the equivalent of 2.50 million underlying shares to 18,000. The filing also newly shows a put option referencing 500,000 IBIT shares, with a reported market value of $16.65 million. ETHB (iShares Staked Ethereum Trust): The bank tripled its ETHB position, increasing shares to 349,600 from 116,200, a gain of 200.9%. The reported value rose to $7.10 million from $3.15 million. ETHB, which began trading on Nasdaq in February 2026, offers Ether price exposure alongside staking rewards. BlackRock reported about $562.5 million in net fund assets as of Aug. 3. ARKB (ARK 21Shares Bitcoin ETF): Intesa still held 3.47 million shares valued at about $67.63 million, down 3.7% from 3.61 million shares three months earlier. ARKB remained the bank's largest disclosed crypto ETF position by market value. Solana staking ETF and XRP: Intesa nearly exited the Bitwise Solana Staking ETF, cutting its holding to 7 shares from 2,817 (reported value fell to $70 from $31,128). Its stake in the Grayscale XRP Trust was unchanged at 712,319 shares, though the reported value declined with market prices. What the filing does — and doesn't — show: Form 13F reflects positions over which Intesa exercised investment discretion as of quarter-end. It does not indicate whether the holdings sit in the bank's treasury, a managed vehicle, or client accounts. Options disclosures require reporting equivalent share exposure and market value, but do not include strike prices, expirations, premiums, or any offsetting contracts. Written options and conventional short positions are not reported. As a result, the newly disclosed 500,000-share IBIT put could represent a hedge, a component of a broader options structure, or a directional bearish view; the filing alone cannot establish net economic exposure. Why it matters: The changes suggest a rotation within crypto ETFs rather than a broad retreat from Bitcoin exposure. Intesa kept a sizable ARKB position even as it cut IBIT, while the jump in ETHB points to interest in combining Ether exposure with staking yield. Intesa has not provided public commentary linking the trades to a specific strategy. Scale and what to watch: Intesa reported €992.67 billion in total assets and €5.55 billion in net income for H1 2026, making the shifts notable even if 13F data offers only a partial view of its digital-asset activity. The next 13F snapshot, dated Sept. 30, will indicate whether the IBIT reduction and ETHB build persist, though it will again be a delayed and incomplete picture of positioning.