Crypto ETF: Italy’s Top Bank Pivots to Ethereum

The numbers are conclusive! According to its latest 13F filing submitted on July 31, 2026, to the SEC, Intesa Sanpaolo has significantly reduced its exposure to bitcoin in the second quarter. Even more interestingly, Italy’s largest bank has strengthened its position in the Ethereum crypto ETF beforehand. A brutal repositioning that can only raise questions about institutional investors’ strategy on digital assets.

Intesa Sanpaolo Dumps Almost 94% of Its Bitcoin ETF

According to the filing submitted to the SEC, Intesa Sanpaolo has 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 decreased from several million to 18,000 shares, a drop of 99.3%.

Meanwhile, a new line of put options equivalent to 500,000 IBIT shares appears in the second quarter filing. This detail intrigues, as it did not appear in the first quarter report. However, Form 13F documents do not specify the strike price, maturity, or premium paid. It is therefore impossible to know if this position aims to cover an existing risk or to explicitly bet on a decrease in the bitcoin price.

Still in the same context, Intesa Sanpaolo holds 3.47 million shares of the ARK 21Shares Bitcoin ETF. This represents about 67.6 million dollars. Analysis: the bank’s bitcoin exposure now seems limited to the bare minimum. The exit remains targeted on BlackRock’s flagship crypto product.

Ethereum in Pole Position: Crypto Staking Attracts Institutional Investors

While the Bitcoin ETF retreats, the world’s second cryptocurrency advances. Still according to the Form 13F document, Intesa Sanpaolo increased its holdings of the iShares Staked Ethereum Trust from 116,200 to 349,600 shares. This equates to nearly 7.1 million dollars. The bank thus tripled its position in this BlackRock Ethereum ETF.

According to crypto analysts, this choice reveals a strong preference for yield-generating products. Indeed, crypto staking allows locking ETH to secure the network and earn rewards. Unlike a simple spot ETF, this approach offers a stream of passive income. For a commercial bank, this is a significant argument.

Moreover, Intesa Sanpaolo is not the only one exploring this path. Other Italian and European institutions are already strengthening their crypto portfolios through regulated products. Staking, in particular, is becoming a favored lever to diversify a crypto portfolio without touching the direct custody of private keys.

Hedging Strategy or Change of Conviction? A Market Signal Not to Ignore

Crypto analysts emphasize an important point: the SEC filing does not tell the whole story. Form 13F captures the shares held but not the full structure of derivatives. In other words, the 500,000 puts on the Bitcoin ETF may mask a net position different from what the raw numbers suggest.

However, the size of the movement is striking. Reducing the Bitcoin ETF by 94% while tripling the crypto Ethereum sends a clear signal. The bank reallocates within its digital asset basket, not just to protect itself. Furthermore, it has also almost liquidated its position in the Bitwise Solana Staking ETF. This one fell from 2,817 to 7 shares.

For investors, this type of rotation can weigh on sentiment. If an institution of this size reduces IBIT and strengthens the Ethereum crypto ETF, it could signal a relative vote of confidence.

In any case, Intesa Sanpaolo’s turn proves that crypto investment strategies are becoming increasingly complex. Will other European banks adopt the same approach? Story to follow…