Italy's largest bank sells 93.7% of its Bitcoin ETF holdings and buys three times more Ethereum ETF.

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ETF trading activity from Intesa Sanpaolo reveals a significant shift in Q2 2026. The Italian bank reduced its Bitcoin ETF position by 93.7%, lowering its IBIT shares from 646,809 to 40,723. Long call options on IBIT dropped 99.3% to 18,000, while put options rose. Simultaneously, the bank increased its holdings in the iShares Staked Ethereum Trust ETF by more than threefold, from 116,200 to 349,600 shares. This move indicates a recalibrated risk-to-reward ratio in its crypto portfolio.

ChainThink reports that, on August 4, according to the bank’s 13F filing, Italy’s largest bank, Intesa Sanpaolo, significantly reduced its positions in spot Bitcoin ETFs at the end of the second quarter.

Its holdings of IBIT common shares decreased from 646,809 shares to 40,723 shares, a 93.7% decline.

The documents show that the number of underlying shares held by the bank for IBIT call options decreased from 2,496,500 to 18,000, a 99.3% decline; meanwhile, new IBIT put options were added.

During the same period, Intesa Sanpaolo increased its holdings in the iShares Staked Ethereum Trust ETF from 116,200 shares to 349,600 shares, an increase of more than threefold.

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