Intesa Sanpaolo, Italy's largest banking group, cut its spot bitcoin ETF stake by 94% in the second quarter of 2026 while tripling its position in BlackRock's iShares Staked Ethereum Trust ETF, according to the bank's latest 13F filing. The move leaves the lender with a much smaller bitcoin footprint and a beefed-up bet on staked ether.
The bitcoin pullback
Intesa's spot bitcoin ETF holdings shrank to roughly 6% of their first-quarter size. The filing doesn't break out dollar amounts, but a 94% reduction is a decisive exit. The bank kept a small residual position, so it didn't walk away entirely.
A bigger ether position
The opposite happened on the ether side. Intesa tripled its stake in BlackRock's iShares Staked Ethereum Trust ETF during the same quarter. That fund holds ether and passes through staking rewards, something a spot bitcoin ETF can't do. For a bank, that yield might be the draw.
A telling 13F
The 13F is a required quarterly report for institutional investment managers with over $100 million in assets. It's a snapshot, not a statement of intent. Intesa's filing shows a clear preference for an asset that generates income over one that just sits there. That's a notable signal from the biggest bank in Italy.
The 13F doesn't explain the reasoning behind the trades, and Intesa hasn't commented publicly on the changes. The next filing, covering the third quarter, is due in November. That will show whether this is a one-off rebalancing or a longer-term strategy.
