Italy’s biggest bank triples staked Ether ETF holdings while cutting IBIT shares
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Italy’s largest banking group, Intesa Sanpaolo, significantly increased its holdings in an iShares staked Ether ETF during the second quarter while substantially reducing its shares in the iShares Bitcoin Trust ETF. Specifically, the bank tripled its position in the iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares worth $7.1 million as of June 30. At the same time, it cut its IBIT holdings by about 94%, down to 40,723 shares.
Why it matters
This reallocation shows how a major traditional bank in Italy is adjusting its exposure to crypto assets through ETFs, favoring staked Ether exposure over spot Bitcoin. Using crypto ETFs allows the bank to gain regulated exposure to digital assets without directly handling custody, compliance, and operational challenges associated with holding cryptocurrencies.
Key context
Intesa Sanpaolo’s crypto holdings also include shares in the ARK 21Shares Bitcoin ETF (ARKB), the Grayscale XRP Trust ETF (GXRP), BitGo, and Coinbase. While it reduced its ARKB stake by 4% and Coinbase shares, the bank nearly doubled its BitGo shares, showing a diversified crypto-linked portfolio. The bank’s increased allocation to ETHB and reduction of IBIT suggests a strategic shift within its crypto portfolio.
Key numbers and entities
Intesa Sanpaolo holds 349,600 shares of ETHB valued at $7.1 million (up from 116,200 shares). It retains 3.47 million ARKB shares worth $67.6 million, down about 4%. IBIT shares dropped by about 94%, to 40,723 shares from 646,809. GXRP shares remain at 712,319. BitGo shares almost doubled to 323,000, and Coinbase shares decreased to 7,000.
What remains unclear
The source does not flag open questions or provide details on the bank’s future crypto strategy or rationale behind the specific shifts in its ETF holdings beyond what is reported.