Intesa Sanpaolo Cuts IBIT Stake 94%, Triples Staked Ethereum ETF Holdings in Q2 Filing
Key Takeaways
- •Intesa Sanpaolo reduced its common iShares Bitcoin Trust shares by 93.7% quarter-over-quarter, from 646,809 to 40,723 shares as of June 30, 2026.
- •The bank's reported IBIT call options declined 99.3% in underlying-share terms, while a new put position covering 500,000 underlying shares appeared in the June filing.
- •Intesa Sanpaolo increased its iShares Staked Ethereum Trust ETF position more than threefold, from 116,200 to 349,600 shares during the same quarter.
- •The bank nearly eliminated its Bitwise Solana Staking ETF holding, reducing it from 2,817 shares to seven shares, while its Grayscale XRP Trust ETF balance remained unchanged at 712,319 shares.
- •Form 13F disclosures exclude strike prices, premiums, expiry dates, and written options, so the bank's complete Bitcoin options exposure and overall strategy cannot be determined from the filing alone.
Italy's largest banking group by total assets, Intesa Sanpaolo, sharply reduced its reported iShares Bitcoin Trust (IBIT) exposure during the second quarter of 2026, while more than tripling its position in the iShares Staked Ethereum Trust ETF. The bank's crypto ETF holdings have drawn attention as a bellwether for European institutional engagement with US-listised digital asset products. The disclosures come from a Form 13F filed with the SEC on July 31, reporting holdings as of June 30. SEC rules require institutional investment managers overseeing $100 million or more in qualifying assets to file 13F reports quarterly, offering a lagged but standardized view of long positions across US-traded securities.
Common IBIT Position Reduced 93.7%
Intesa Sanpaolo reported 40,723 IBIT shares as of June 30, down from 646,809 shares on March 31 — a 93.7% quarter-over-quarter reduction in its common position.
The filing also revealed a steep decline in the bank's held IBIT call row. The reported underlying-share amount fell from 2,496,500 shares to 18,000 shares, equating to a 99.3% reduction between the two quarter-end reports.
New IBIT Put Row Appears
The June filing included a held IBIT put row covering 500,000 underlying shares. The March filing did not list a comparable put position. However, the disclosure does not reveal the full economic value or purpose of the options.
Form 13F reports held options using the number of underlying shares but does not include strike prices, expiry dates, premiums, delta values, or counterparty details. SEC rules also exclude written options from the filing. The data therefore cannot confirm whether the put position served as a hedge, a bearish trade, or part of a broader options strategy.
— Wu Blockchain (@WuBlockchain) August 4, 2026
Staked Ethereum Holdings Triple
Intesa Sanpaolo raised its iShares Staked Ethereum Trust ETF position from 116,200 shares to 349,600 shares — an increase of slightly more than threefold during the quarter. This expansion came as the bank reduced most of its reported Bitcoin ETF exposure. Staked Ethereum ETFs are a newer product category that packages spot ETH exposure with staking yield, distinguishing them from earlier spot Ethereum ETFs that did not incorporate staking rewards.
The bank also cut its Bitwise Solana Staking ETF position from 2,817 shares to just seven shares. Meanwhile, its Grayscale XRP Trust ETF balance remained unchanged at 712,319 shares, meaning the filing does not confirm whether the bank purchased the full XRP position during the quarter.
Quarter-End Snapshot
Overall, the June 13F filing shows a smaller IBIT common stake, a substantially reduced held-call row, a new put row, and a larger staked Ethereum ETF position. The report represents a quarter-end snapshot and does not reveal Intesa Sanpaolo's complete trading activity or net Bitcoin options exposure across all related instruments. The next 13F filing, covering the September quarter, would provide the subsequent data point for assessing whether these position changes reflect a tactical rebalance or a sustained shift in allocation.