ChainCatcher report, according to CryptoSlate, Italy’s largest bank, Intesa Sanpaolo, significantly adjusted its crypto ETF holdings in the second quarter. Documents show that the bank’s holdings of iShares Bitcoin Trust (IBIT) common shares decreased from 646,809 to 40,723 shares, a 93.7% decline; its IBIT call options equivalent to 2,496,500 shares dropped to 18,000 shares, a 99.3% decline. Meanwhile, a new IBIT put option representing 500,000 shares appeared in the holdings, but the 13F filing does not disclose details such as strike price, expiration date, premium, or Delta, making it impossible to determine the bank’s net options exposure or whether this constitutes a hedging strategy. Additionally, the bank’s holdings of iShares Staked Ethereum Trust increased from 116,200 to 349,600 shares, roughly tripling; Bitwise Solana Staked ETF holdings fell from 2,817 to 7 shares; and its XRP Trust holdings remained unchanged at 712,319 shares.
Italy's largest bank reduces Bitcoin ETF holdings, increases staked Ethereum ETF position
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Summary
Italy’s largest bank, Intesa Sanpaolo, reported ETF outflows in Q2 after reducing its holdings in the iShares Bitcoin Trust (IBIT) from 646,809 to 40,723 shares—a 93.7% decline. Call options decreased by 99.3% to 18,000 shares, while a new 500,000-share put option emerged. In contrast, inflows were observed in the iShares Staked Ethereum Trust, where the bank tripled its position to 349,600 shares. Holdings in the Bitwise Solana Staked ETF fell from 2,817 to 7 shares. XRP Trust holdings remained unchanged at 712,319 shares.
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