Intesa Sanpaolo slashes IBIT exposure by 94%, triples ETHB position

Italy's Intesa Sanpaolo sharply reduced its exposure to the spot Bitcoin ETF IBIT in the second quarter. Common share holdings fell 93.7% and its call option position dropped 99.3%, while the bank added IBIT put options covering 500,000 shares. Over the same period, it tripled its position in the spot Ethereum ETF ETHB and nearly exited its Solana staking ETF holdings. The bank continues to hold a sizable stake in ARKB at about 3.47 million shares. The moves point to a clear tilt toward Ethereum within its crypto spot ETF strategy, adding direct pressure on IBIT.