Intesa Sanpaolo slashed IBIT stake by 94% in 2Q, tripled ether ETF holding as crypto prices slumped
Italian bank Intesa Sanpaolo significantly reduced its exposure to Bitcoin ETFs while increasing its holdings in Ethereum-based products during the second quarter. The bank also disclosed a major new position in SpaceX and adjusted its stakes in various crypto-linked equities amid market volatility.
Why it matters
Institutional shifts in cryptocurrency holdings provide insight into how major financial entities are managing risk and diversifying portfolios in the digital asset space.
The bank reported owning 40,723 shares of IBIT valued at $1.36 million as of June 30, down from 646,809 shares three months earlier, according to its latest filings . The bank also got rid of 99% of its call options, which give it the right, but not the obligation, to buy shares in the ETF at a predetermined price, while adding put options, which give the equivalent right to sell.
The Turin-based company’s holdings restructuring took place during a quarter that saw the bitcoin price slump 14% after two successive quarters of declines in excess of 20%. For ether (ETH), in contrast, the bank bolstered its ETF positions even as the second-largest cryptocurrency slid 25%.
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