Intesa Sanpaolo, Italy's largest banking group, slashed its reported exposure to BlackRock's iShares Bitcoin Trust (IBIT) by 93.7% in the second quarter of 2025, according to a regulatory filing. The bank also more than tripled its holdings in the iShares Staked Ethereum Trust ETF, signaling a shift in its digital asset strategy.
The numbers behind the shift
Intesa Sanpaolo's IBIT holdings dropped from 646,809 shares on March 31 to just 40,723 shares on June 30. The bank's call position in IBIT fell even more sharply — from 2,496,500 underlying shares to 18,000, a decline of over 99%. At the same time, a new put position equivalent to 500,000 IBIT shares appeared in the June 30 filing.
The Ethereum side tells a different story. The bank's stake in the iShares Staked Ethereum Trust ETF jumped from 116,200 shares to 349,600 shares. That's a triple-up. Meanwhile, its position in the Bitwise Solana Staking ETF nearly vanished, dropping from 2,817 shares to just 7.
A broader ETF market in flux
The moves come during a volatile period for U.S. spot Bitcoin ETFs. June 2025 saw a record monthly net outflow of about $4.5 billion. That reversed in July, with $172.4 million in net inflows. So far in August, spot Bitcoin ETFs have attracted another $170 million in net inflows.
BlackRock clients themselves rotated: BSCN reported that in the same week, they sold about $60 million worth of IBIT and bought over $20 million worth of ETHA, the spot Ethereum ETF. Despite the turbulence, BlackRock's IBIT remains the leading Bitcoin ETF with almost $61 billion in total inflows since its launch.
Intesa's crypto timeline
Intesa Sanpaolo didn't jump in overnight. The bank made its first direct Bitcoin purchase in January 2025, buying 11 BTC for about $1.03 million. In July 2024, it used the Polygon network to underwrite Italy's first on-chain digital bond worth $25.6 million. Later in 2024, it began offering options, futures, and spot ETFs linked to digital assets through a dedicated desk.
The Q2 filing suggests the bank is now actively managing its crypto exposure — cutting Bitcoin while leaning into Ethereum. The new put position on IBIT indicates hedging, not just a simple sell-off.
Hedging or rotating?
The put position equivalent to 500,000 IBIT shares is a notable addition. It means Intesa Sanpaolo is protecting against downside in Bitcoin even as it reduces direct holdings. The bank's next quarterly filing will show whether this is a one-time rebalance or the start of a longer trend.
