Italy’s largest bank, Intesa Sanpaolo, increased its holdings in an iShares staked Ether ETF to $7.1 million as of June 30, while reducing its positions in two spot Bitcoin ETFs, according to a filing with the US Securities and Exchange Commission.
Intesa Sanpaolo’s stake in the iShares Staked Ethereum Trust ETF (ETHB) rose sharply during the second quarter, expanding from 116,200 shares valued at $3.15 million in March to 349,600 shares worth $7.1 million by the end of June. This marks a significant shift in the bank’s cryptocurrency strategy, reflecting growing interest in staked ether relative to other digital assets.
The bank’s exposure to Bitcoin ETFs, however, declined. Holdings in the iShares Bitcoin Trust ETF (IBIT) fell by 94%, from 646,809 shares in the first quarter to 40,723 shares by June 30. Meanwhile, its position in the ARK 21Shares Bitcoin ETF (ARKB) decreased by 4%, though it retained 3.47 million shares valued at $67.6 million.
Intesa Sanpaolo’s Grayscale XRP Trust ETF (GXRP) position remained unchanged at 712,319 shares. The bank also nearly doubled its stake in the BitGo ETF, increasing holdings to 323,000 shares, while reducing its Coinbase ETF position to 7,000 shares.
The adjustments underscore a broader realignment of the bank’s crypto portfolio, with a clear emphasis on shifting capital from Bitcoin to ether-based products. These moves align with evolving market dynamics and regulatory considerations in the rapidly changing cryptocurrency sector.
Written by James Tobias
Bitcoin Desk
