The figures are clear! According to its latest 13F filing filed on July 31, 2026 with the SEC, Intesa Sanpaolo significantly reduced its exposure to bitcoin in the second quarter. More interestingly, Italy’s largest bank strengthened its position in the Ethereum crypto ETF ahead of time. A brutal repositioning which can only raise questions about the strategy of institutional investors on digital assets.
In brief
- Intesa Sanpaolo reduces its shares in BlackRock’s IBIT Bitcoin ETF by 93.7% in the second quarter of 2026.
- His call options linked to this crypto ETF fall by 99.3%, while a new put of 500,000 securities appears.
- Conversely, its position in the Ethereum ETF staked triple (from 116,200 to 349,600 shares).
- The SEC document does not reveal the real net exposure of the Italian bank.
Intesa Sanpaolo releases almost 94% of its Bitcoin ETF
According to SEC filing, Intesa Sanpaolo reduced its position in BlackRock’s IBIT Bitcoin ETF from 646,809 shares to only 40,723. This represents a drop of 93.7%. That’s not all! The bank also crushed its calls on the Bitcoin ETF. The underlying amount fell from several millions to 18,000 shares, a drop of 99.3%.
At the same time, a new line of put options (also called “puts”) equivalent to 500,000 IBIT shares appear in second quarter filing. This detail is intriguing, because it did not appear in the first quarter report. However, the Form 13F documents do not specify the exercise price, the maturity date, or the premium paid. It is therefore impossible to know whether this position aims to hedge an existing risk or to explicitly bet on a fall in the price of bitcoin.
Still in the same context, Intesa Sanpaolo Retains 3.47 Million Shares of ARK 21Shares Bitcoin ETF. That’s about $67.6 million. Decryption: the bank’s bitcoin exposure now seems limited to the strict minimum. The release remains focused on BlackRock’s flagship crypto product.
Ethereum in pole position: crypto staking appeals to institutional investors
While the Bitcoin ETF is retreating, the world’s second-largest cryptocurrency is advancing. Still according to the Form 13F document, Intesa Sanpaolo increased its holding of the iShares Staked Ethereum Trust from 116,200 to 349,600 shares. This equates to almost $7.1 million. The bank thus tripled its position in this Ethereum ETF from BlackRock.
According to crypto analysts, this choice reveals a marked preference for yield-generating products. Indeed, the crypto staking allows you to lock ETH to secure the network and collect rewards. Unlike a simple spot ETF, this approach offers a passive income stream. For a commercial bank, this constitutes a strong argument.
Moreover, Intesa Sanpaolo is not the only one to explore this path. Other Italian and European establishments are already strengthening their crypto portfolio via regulated products. Staking, in particular, is becoming a privileged lever for diversifying a crypto portfolio without affecting the direct custody of private keys.
Hedging strategy or change of conviction? A market signal not to be ignored
Crypto analysts emphasize an important point: the SEC filing doesn’t tell the whole story. The Form 13F does indeed capture the shares held, but not the full derivative structure. In other words, the 500,000 puts on the Bitcoin ETF may mask a different net position than the raw numbers suggest.
However, the scale of the movement is striking. Cutting the Bitcoin ETF by 94% while tripling the Ethereum crypto sends a clear signal. The bank is reallocating within its basket of digital assets, not just to protect itself. Moreover, she also almost liquidated its position in the Bitwise Solana Staking ETF. The latter went from 2,817 to 7 shares.
For investors, this type of rotation can weigh on sentiment. If an institution of this size lightens IBIT and strengthens the Ethereum crypto ETF, it could translate a relative vote of confidence.
In any case, Intesa Sanpaolo’s turn proves that crypto investment strategies are becoming more and more complex. Will other European banks adopt the same approach? File to follow…
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