Italy’s largest banking group, Intesa Sanpaolo, drastically reduced its Bitcoin ETF exposure during Q2 2026, according to its latest Form 13F filing. The bank cut its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 93.7% to 40,723 shares and reduced IBIT call options by 99.3%, while initiating a put option position on 500,000 shares, indicating a hedging strategy. In contrast, it nearly tripled its holdings in the iShares Staked Ethereum Trust ETF to 349,600 shares and nearly exited its Bitwise Solana Staking ETF position. The shift aligns with broader market trends as Bitcoin ETFs saw significant outflows in the first half of 2026.
Intesa Sanpaolo, Italy’s largest banking group, made significant changes to its U.S. crypto ETF portfolio in the second quarter of 2026, according to its Form 13F filing for the period ending June 30.
The bank cut its direct stake in BlackRock’s iShares Bitcoin Trust (IBIT) from 648,923 shares in Q1 to just 40,723 shares, a 93.7% decrease. Its exposure through IBIT call options fell even more sharply, dropping 99.3% from approximately 2.75 million shares equivalent to 18,000.
At the same time, Intesa revealed a new put option position worth 500,000 IBIT shares, suggesting the bank either implemented downside protection or adopted a more complex options strategy. The filing alone does not provide insight into off-balance-sheet exposures or wider derivatives positions.
In a notable countermove, the bank increased its iShares Staked Ethereum Trust ETF allocation by over 200%, from 116,200 shares to 349,600 shares. It also nearly exited its Bitwise Solana Staking ETF, reducing holdings from 2,817 shares to just seven.
The portfolio changes indicate a significant shift in favor of Ethereum-based products. However, the filing cannot confirm whether Intesa has changed its overall crypto investment strategy or become pessimistic about Bitcoin.
The shift may relate to broader market flows. Spot Bitcoin ETFs recorded billions in outflows during the first half of 2026, while Ethereum ETF outflows were less severe. Data from Farside Investors shows that on August 3, ETH ETFs saw outflows of $11.9 million while BTC ETFs saw inflows of $170.1 million, suggesting near-term sentiment may be shifting again.
