TLDR
- Intesa Sanpaolo cut its common IBIT position by 93.7% during the second quarter.
- The bank reduced its held IBIT call exposure from 2.49 million to 18,000 underlying shares.
- A new IBIT put row representing 500,000 underlying shares appeared in the June filing.
- Intesa Sanpaolo more than tripled its holdings of staked Ethereum ETF shares to 349,600.
- Its Bitwise Solana Staking ETF position fell from 2,817 shares to only seven.
Italy’s largest banking group, Intesa Sanpaolo, sharply reduced its reported iShares Bitcoin Trust ETF exposure during the second quarter. The bank cut its common IBIT stake by about 94% and reduced the underlying-share amount of its held call position by 99.3%. At the same time, it tripled its holdings of the iShares Staked Ethereum Trust ETF.
Intesa Sanpaolo Cuts Common IBIT Position
Intesa Sanpaolo reported 40,723 IBIT shares as of June 30, down from 646,809 shares on March 31. The change represents a 93.7% quarter-over-quarter reduction in its common position. The bank disclosed the latest figures in a Form 13F filed on July 31.
The filing also showed a steep decline in the bank’s held IBIT call row. The reported underlying-share amount fell from 2,496,500 shares to 18,000 shares. That equals a 99.3% reduction between the two quarter-end reports.
New Put Row Does Not Confirm Bearish Strategy
The June filing included a held IBIT put row covering 500,000 underlying shares. The March filing did not list a comparable put position. However, the disclosure does not show the full economic value or purpose of the options.
Italy’s Largest Bank Intesa Sanpaolo Cuts IBIT Stake 94%, Triples Staked Ethereum ETF Holdings
Italy’s largest banking group, Intesa Sanpaolo, reported in its latest Form 13F that, as of June 30, its common-share position in BlackRock’s iShares Bitcoin Trust (IBIT) fell 93.7%… pic.twitter.com/A5YjlWyym9
— Wu Blockchain (@WuBlockchain) August 4, 2026
Form 13F reports held options using the amount of underlying shares. It does not show strike prices, expiry dates, premiums, delta values, or counterparty details. SEC rules also exclude written options from the filing. The data therefore cannot confirm whether the put served as a hedge, a bearish trade, or part of a wider options strategy.
Ethereum Holdings Triple as Solana Falls
Intesa Sanpaolo raised its iShares Staked Ethereum Trust ETF position from 116,200 shares to 349,600 shares. The balance rose slightly more than threefold during the quarter. This increase came as the bank reduced most of its reported Bitcoin ETF exposure.
The bank also cut its Bitwise Solana Staking ETF position from 2,817 shares to seven shares. Its Grayscale XRP Trust ETF balance remained unchanged at 712,319 shares. The steady XRP figure means the filing does not confirm that the bank bought the full position during the quarter.
Overall, the June filing shows a smaller IBIT stake, a reduced held-call row, a new put row, and a larger staked Ethereum ETF position. The report remains a quarter-end snapshot and does not reveal Intesa Sanpaolo’s complete trading activity or net Bitcoin options exposure across all related instruments.
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