Italy’s largest banking group, Intesa Sanpaolo (BIT: ISP), has executed a notable shift in its cryptocurrency-related exchange-traded fund portfolio during the second quarter of 2026. According to its latest quarterly disclosure submitted to US regulators, the institution substantially reduced its position in a major Bitcoin ETF while expanding its allocation to a staked Ethereum product.
The bank’s Form 13F filing, covering holdings as of June 30, 2026, reveals that its common-share stake in BlackRock’s iShares Bitcoin Trust (IBIT) declined by approximately 93.7 percent.
The position fell from 646,809 shares at the end of the prior quarter to just 40,723 shares.
The remaining IBIT holding was valued at roughly $1.36 million.
In parallel, the bank sharply curtailed its call options linked to the same ETF, reducing the underlying share equivalent by more than 99 percent to only 18,000 shares.
A new put option position covering 500,000 underlying IBIT shares also appeared in the filing, suggesting a more defensive posture toward Bitcoin.
In contrast, Intesa Sanpaolo significantly increased its exposure to BlackRock’s iShares Staked Ethereum Trust ETF (often referred to as ETHB). Holdings in this product roughly tripled, rising from 116,200 shares to 349,600 shares.
The position’s reported value grew to about $7.1 million from $3.15 million three months earlier.
This staked Ethereum ETF provides investors with price exposure to ether while also passing through staking rewards generated by the underlying network.
The bank did not abandon Bitcoin entirely.
It continued to maintain a substantial position in the ARK 21Shares Bitcoin ETF (ARKB), holding approximately 3.47 million shares valued at $67.6 million at quarter-end.
That stake experienced only a modest reduction of around 4 percent from the previous period and remained the institution’s largest reported crypto-linked holding by value.
Its position in the Grayscale XRP Trust stayed unchanged at 712,319 shares.
Meanwhile, exposure to the Bitwise Solana Staking ETF was nearly eliminated, dropping from 2,817 shares to just seven.
These portfolio adjustments occurred against a backdrop of declining cryptocurrency prices during the second quarter.
Bitcoin and ether both recorded notable losses over the period, and U.S. spot crypto ETFs experienced net outflows.
The selective reduction in one Bitcoin product alongside growth in a yield-bearing Ethereum vehicle may reflect institutional interest in assets that can generate ongoing returns through staking, rather than a complete retreat from digital assets.
Form 13F disclosures provide only a snapshot of long positions and certain options at quarter-end.
They do not detail trading activity throughout the period, net exposures after accounting for short options, strike prices, or expiration dates.
As a result, the precise overall strategy remains partially opaque.
Nevertheless, the reported changes offer a clear view of how one of Europe’s major banks adjusted its regulated crypto ETF allocations amid market volatility.The filing was submitted to the US Securities and Exchange Commission (SEC) on July 31, 2026.
