Intesa Sanpaolo cut its BlackRock Bitcoin ETF (IBIT) stake by 93.7% in the second quarter, while tripling its position in the iShares Staked Ethereum Trust ETF — a clear signal that institutional money is rotating toward yield-bearing crypto assets. The Italian bank also opened a new put position on IBIT, covering 500,000 shares, suggesting a defensive stance on Bitcoin. The moves come as US Bitcoin spot ETFs bled a record $4.5 billion in June alone.
Intesa Sanpaolo's Q2 pivot
The bank slashed its IBIT common stock from 646,809 shares to just 40,723. Its call position on IBIT shrank even more dramatically — down 99.3%, from 2.5 million shares to 18,000. Meanwhile, it tripled its iShares Staked Ethereum Trust ETF holdings, from 116,200 to 349,600 shares, worth $7.1 million. Intesa Sanpaolo still holds 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), worth $67.6 million — its largest crypto ETF position — and left its $14.4 million Grayscale XRP Trust unchanged. It also opened a small $293,190 stake in the Morgan Stanley Bitcoin Trust.
Ethereum staking yield drives the shift
The key difference: BlackRock's staked Ethereum product earns network rewards, something Bitcoin funds can't offer. That yield is central to the institutional appeal. With Bitcoin ETFs generating no income, the staking yield on Ethereum provides a recurring return that looks attractive in a low-yield environment. The shift isn't just about price speculation — it's about cash flow.
Jane Street follows a similar path
Jane Street, a major market maker, cut its IBIT common stock position by 71% in the first quarter and nearly doubled its iShares Ethereum Trust (ETHA) stake to 11.1 million shares. It also increased its Fidelity Ethereum Fund position from $3.1 million to $43.6 million. The pattern is consistent: reduce Bitcoin exposure, pile into Ethereum.
August 14 deadline looms
Most Q2 institutional disclosures are due by August 14. The filings from Intesa Sanpaolo and Jane Street may be early indicators of a broader trend. If other big holders show similar rotations, the record outflows from Bitcoin ETFs in June could have a clear explanation — and Ethereum staking products could keep gaining ground.
