Intesa Sanpaolo slashed IBIT stake by 94% in 2Q, tripled ether ETF holding as crypto prices slumped

Aug 4, 2026, 2:25 p.m. 2 min readIntesa Sanpaolo headquarters in Turin (Riccardo Tuninato/Unsplash)SummaryItalian banking giant Intesa Sanpaolo cut its IBIT shareholding by 94%, nearly eliminated its calls and added puts covering 500,000 shares in the second quarter.In contrast, it tripled its stake in iShares Staked Ethereum Trust ETF (ETHB).Bitcoin slid 14% in the quarter and U.S. spot ETFs saw net outflows of $4.89 billion, while ether slumped 25% with a net $715 million of ETF outflows.Intesa Sanpaolo (ISP), Italy’s second-largest bank by market capitalization, reduced its bitcoin BTC$63,823.19 exposure through the iShares Bitcoin Trust (IBIT) ETF, in the second quarter, cutting its stake by 94% and nearly eliminating call options as the price of the largest cryptocurrency tumbled.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%.It wasn’t alone in rejigging its exposure to cryptocurrencies. U.S. spot bitcoin ETFs overall recorded roughly $4.89 billion of net outflows in the three months through June, according to SoSoValue data. IBIT alone lost $2.95 billion. Spot ether ETFs also suffered, with more than $715 million in outflows. Intesa Sanpaolo, in contrast, tripled its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares. The position was worth $7.10 million at quarter-end, up from $3.15 million.Among crypto-linked equities, the bank nearly doubled its BitGo Holdings (BTGO) position to 323,000 shares, while reducing its stake in Coinbase Global (COIN) by 32%, Circle Internet (CRCL) by 10% and Robinhood Markets (HOOD) by 43%.The filing also shows a new 5.66 million-share SpaceX (SPCX) position valued at $966.42 million, making it Intesa’s largest disclosed holding. SpaceX, which went public on June 12, holds 18,712 bitcoin worth $1.18 billion. It reduced its holdings in Tesla (TSLA) by 92%. Intesa made its first direct bitcoin purchase in January 2025, acquiring 11 BTC for about 1 million euros ($1.2 million) as part of what CEO Carlo Messina described as an experiment.12345678910The Evolution of the Crypto CEX Landscape: A Case Study on BinanceThe Evolution of the Crypto CEX Landscape: A Case Study on BinanceBinance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.Jun 29, 2026Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.Why it matters:Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.View Full Report