Intesa Sanpaolo slashed IBIT stake by 94% in 2Q, tripled ether ETF holding as crypto prices slumped
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Italian bank Intesa Sanpaolo significantly reduced its stake in the iShares Bitcoin Trust (IBIT) ETF by 94% during the second quarter of 2026, nearly eliminating its call options on IBIT while adding put options for 500,000 shares. Conversely, the bank tripled its holding in the iShares Staked Ethereum Trust ETF (ETHB) despite ether’s price decline. The bank also adjusted other crypto-linked equity positions, increasing BitGo holdings but reducing stakes in Coinbase, Circle Internet, and Robinhood Markets. Additionally, Intesa disclosed a new large position in SpaceX shares.
Why it matters
This rebalancing by Intesa Sanpaolo is notable because it occurred amid a quarter where bitcoin and ether prices fell significantly, and U.S. spot bitcoin and ether ETFs experienced large net outflows. The moves highlight shifting institutional strategies in crypto investments during a downturn, signaling changing risk appetites and tactical asset reallocations in response to market conditions.
Key context
Bitcoin’s price fell 14% in the second quarter after two previous quarters of more than 20% declines. Ether’s price dropped 25% during the same period. Correspondingly, U.S. spot bitcoin ETFs faced $4.89 billion in net outflows, with IBIT alone losing $2.95 billion. Spot ether ETFs had $715 million in outflows. Intesa Sanpaolo first purchased bitcoin directly in January 2025, acquiring 11 BTC as part of an experimental strategy led by CEO Carlo Messina.
Key numbers and entities
Intesa Sanpaolo cut its IBIT stake from 646,809 to 40,723 shares, valued at $1.36 million by June 30, 2026. It tripled its ETHB stake to 349,600 shares, worth $7.10 million at quarter-end. BitGo (BTGO) shares nearly doubled to 323,000, while Coinbase (COIN) was reduced by 32%, Circle Internet (CRCL) by 10%, and Robinhood Markets (HOOD) by 43%. Intesa built a new SpaceX (SPCX) position of 5.66 million shares valued at $966.42 million, making it the bank’s largest disclosed holding. Bitcoin was priced at approximately $63,498.53 during this period.
What remains unclear
The source does not flag any open questions or uncertainties regarding Intesa Sanpaolo’s motivations beyond the reported portfolio changes. There is no additional explanation for the specific strategic reasons behind increasing ether-related holdings while sharply reducing bitcoin ETF exposure.