Italy's biggest bank, Intesa Sanpaolo, dramatically reshuffled its crypto ETF portfolio in the second quarter of 2024, slashing its Bitcoin ETF call position by more than 99% while tripling its Ethereum ETF stake and newly disclosing a put option on Bitcoin. The moves, revealed in the bank's Form 13F filing for the period ending June 30, 2024, signal a sharp shift in how one of Europe's largest financial institutions is positioning itself in digital assets.
The Bitcoin pullback
Intesa Sanpaolo cut its iShares Bitcoin Trust ETF call position from 2,496,500 underlying shares to just 18,000 — a 99.3% reduction. It also trimmed its common iShares Bitcoin Trust ETF holdings by 93.7%, dropping from 646,809 shares to 40,723. At the same time, the bank newly disclosed a put position on the same ETF representing 500,000 underlying shares. The filing doesn't specify the strike price or expiration, so it's unclear whether the put is a hedge against its remaining long exposure or a standalone bearish bet.
Ethereum bet grows
While Bitcoin got the axe, Ethereum got a boost. Intesa Sanpaolo's iShares Staked Ethereum Trust ETF position jumped from 116,200 shares to 349,600 — roughly tripling. That's a notable vote of confidence in Ethereum's staking yield and long-term prospects, especially compared to the bank's retreat from Bitcoin.
Solana and XRP: mixed signals
The bank's Bitwise Solana Staking ETF position cratered from 2,817 shares to just 7 — effectively a full exit. Meanwhile, its Grayscale XRP Trust ETF position stayed flat at 712,319 shares. No change there suggests Intesa Sanpaolo is comfortable holding XRP through the quarter, but isn't adding either.
What the 13F doesn't say
Form 13F filings are snapshots, not full trading diaries. They show what a firm held at quarter-end, not what it bought or sold during the period. So the put position could have been opened and closed within the quarter, or it could still be active. The filing also doesn't reveal the bank's rationale — whether the Bitcoin cut was a risk-management move, a profit-taking play, or a shift in investment thesis. What's clear is that Intesa Sanpaolo is making active, directional choices in crypto ETFs, and the second quarter saw a clear preference for Ethereum over Bitcoin.
