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Intesa Sanpaolo cuts IBIT exposure, triples ETHB stake amid crypto slump

In its 2Q filings, the bank reduced its IBIT shareholding to 40,723 shares worth $1.36 million, while increasing ETHB to 349,600 shares valued at $7.10 million.

Reported · Written up by our desk · Market Structure

Intesa Sanpaolo trimmed its bitcoin exposure in the second quarter, cutting its iShares Bitcoin Trust ETF stake while making a larger move into ether-linked funds as crypto prices fell, according to CoinDesk. The Italian bank reduced its IBIT shareholding by 94% to 40,723 shares valued at $1.36 million as of June 30, down from 646,809 shares three months earlier. It also nearly eliminated 99% of its call options on the IBIT ETF, while adding put options that give the right to sell.

CoinDesk also reported that Intesa Sanpaolo took the opposite direction for ether, tripling its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares. That position was worth $7.10 million at quarter-end, up from $3.15 million. Crypto fund flows during the same period were weak, with U.S. spot bitcoin ETFs recording about $4.89 billion of net outflows over the three months through June, the outlet said. Spot ether ETFs saw more than $715 million in outflows, while Intesa’s holdings changes for other crypto-linked equities included nearly doubling its BitGo Holdings position and reducing stakes in Coinbase, Circle Internet, and Robinhood Markets.

Latest closeBitcoin $64,040.55 ▲0.9%|Ethereum $1,872.51 ▲0.8%

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