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Intesa Sanpaolo cuts Bitcoin ETF call exposure by 99.3% in Q2

In the same quarter, the Italian bank’s disclosed Staked Ethereum ETF balance rose slightly more than threefold, while its XRP Trust ETF shares stayed flat.

Reported · Written up by our desk · Market Structure

Intesa Sanpaolo, Italy’s largest banking group, sharply reduced its reported iShares Bitcoin Trust ETF call exposure in Q2, cutting the underlying-share amount in its held-call row by 99.3% to 18,000 from 2,496,500, according to CryptoSlate analysis of its SEC Form 13F.

The bank’s Q2 disclosure also introduced a held put row equivalent to 500,000 underlying shares for IBIT, a detail that was not present in its prior quarter-end table. CryptoSlate notes that the filings are quarter-end snapshots taken for positions held as of June 30, and that options shown in this format do not provide enough information, such as strike, expiration, premium, or counterparty, to determine Intesa’s true net Bitcoin options exposure or the intention behind the put.

CryptoSlate reports that Intesa extended the shift across other crypto ETFs as well, with its iShares Staked Ethereum Trust ETF position rising from 116,200 shares to 349,600, slightly more than tripling. Its Bitwise Solana Staking ETF position fell from 2,817 shares to seven.

XRP was the exception, with Intesa reporting 712,319 shares of the Grayscale XRP Trust ETF at both quarter ends, suggesting no net increase in the disclosed balance, though the outlet says offsetting trades within the quarter remain possible. Overall, the Form 13F changes show a much smaller disclosed Bitcoin call footprint alongside a larger staked Ethereum position, while the bank’s complete net Bitcoin-options risk and motive remain undisclosed.

Latest closeBitcoin $63,844.90 ▲0.6%|Ethereum $1,869.70 ▼0.7%|Solana $73.95 ▲0.7%

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