Intesa Sanpaolo Slashes BlackRock Bitcoin ETF Holdings by 93.7%

Intesa Sanpaolo, Italy's largest banking group, reduced its holdings in BlackRock's iShares Bitcoin Trust (IBIT) by 93.7% during the second quarter. According to its latest Form 13F filing, the bank decreased its position from 646,809 shares to 40,723 shares, which were valued at $1.36 million as of June 30.

While cutting its IBIT stake, the lender tripled its position in the iShares Staked Ethereum Trust ETF to 349,600 shares worth $7.1 million. This reallocation suggests a strategic shift toward yield-bearing Ethereum products. The bank also initiated a small new position in the Morgan Stanley Bitcoin Trust.

Despite the IBIT reduction, Intesa Sanpaolo maintained its largest cryptocurrency ETF holding in the ARK 21Shares Bitcoin ETF, with 3.47 million shares valued at $67.6 million. Additionally, the bank kept a $14.4 million position in the Grayscale XRP Trust.