Italy's Largest Bank Cuts Bitcoin ETF Holdings 94%, Triples Staked Ethereum Exposure

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Italy’s largest bank, Intesa Sanpaolo, reported ETF outflows of 94% in its Bitcoin ETF holdings in Q2 2026, reducing its stake in BlackRock’s iShares Bitcoin Trust (IBIT) from 646,809 to 40,723 shares. At the same time, the bank boosted ETF inflows into the iShares Staked Ethereum Trust ETF, nearly tripling holdings to 349,600 shares. The bank also cut Bitcoin call options by 99.3% and added a put option on 500,000 IBIT shares. XRP holdings were unchanged, while Solana staking ETF exposure was nearly liquidated.

Italy’s biggest bank Intesa Sanpaolo has sold most of its Bitcoin ETF holdings while surprisingly increasing its investment in a staked Ethereum ETF.

The shift suggests the bank is looking beyond price gains and focusing more on earning steady crypto rewards.

Intesa Sanpaolo Reduces Its Bitcoin Exposure

According to its latest second quarter 2026 Form 13F filing, Intesa Sanpaolo made major changes to its crypto portfolio.

The bank reduced its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by almost 94%, cutting its position from 646,809 shares to just 40,723 shares.

It also almost completely exited its bullish Bitcoin call options, reducing the position by 99.3%.

At the same time, the filing revealed a new put option position tied to 500,000 IBIT shares, showing the bank is also using hedging strategies instead of taking only bullish bets.

Overall, the Bitcoin reduction is estimated to be worth around $22 million.

Why Did the Bank Shift From Bitcoin to Ethereum?

Experts say this does not mean the bank is against crypto. It is simply changing where it puts its money.

Unlike spot Bitcoin ETFs, staked Ethereum ETFs generate staking rewards in addition to price movement. This allows investors to earn ongoing yield while holding the asset.

Many analysts believe this is the main reason behind the bank’s portfolio shift.

Therefore, While cutting Bitcoin, Intesa Sanpaolo almost tripled its investment in the iShares Staked Ethereum Trust ETF.

Its holdings increased from 116,200 shares to 349,600 shares, adding roughly $5.6 million in Ethereum exposure.

XRP Remains Untouched While Solana Loses Support

The filing also shows that Intesa Sanpaolo kept its XRP investment unchanged.

The bank continues to hold 712,319 shares of the Grayscale XRP Trust, showing it has maintained confidence in XRP despite changing other positions.

However, its view on Solana appears very different.

The bank almost completely exited its Bitwise Solana Staking ETF, reducing its holdings from 2,817 shares to just seven shares.

Intesa Sanpaolo’s latest filing reflects a broader change in how large financial institutions are approaching digital assets.

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