Intesa Sanpaolo, Italy’s largest banking group, has significantly changed the composition of its crypto exchange-traded fund (ETF) holdings, according to its latest mandatory disclosure to US regulators.
USDT
AAPLSharp reduction in Bitcoin ETF exposure
According to the Form 13F filed with the US Securities and Exchange Commission (SEC) on July 31, the bank’s common shareholding in the iShares Bitcoin Trust fund fell dramatically between March and June. The reported position decreased from 646,809 shares on March 31 to 40,723 by June 30, marking an approximate 94% reduction.
Intesa Sanpaolo also reduced its exposure through call options. The underlying share count tied to these positions fell steeply, from 2,496,500 to 18,000, which reflects a drop of over 99%. Additionally, the June filing introduced a new put option tied to 500,000 underlying shares, a position that did not appear in earlier disclosures.
| Asset/Position | March 31 Holdings | June 30 Holdings | Change (%) |
|---|---|---|---|
| iShares Bitcoin Trust (Common Shares) | 646,809 | 40,723 | -93.7% |
| iShares Bitcoin Trust (Call Options) | 2,496,500 | 18,000 | -99.3% |
| iShares Bitcoin Trust (Put Options) | 0 | 500,000 | New Position |
The Form 13F report, a quarterly filing required by institutional investment managers with at least $100 million in assets under management, only reveals positions held as of the end of the reporting period. It does not specify strike prices, expiry dates, or whether options were sold short, leaving the bank’s precise strategy and risk exposure open to interpretation.
Intesa Sanpaolo is Italy’s leading financial institution, with operations spanning commercial banking, asset management, and insurance in Europe and beyond.
Ethereum positions surge as Solana holdings all but disappear
While reducing its Bitcoin ETF exposure, Intesa Sanpaolo increased its stake in the iShares Staked Ethereum Trust fund. The bank tripled its holding, from 116,200 shares on March 31 to 349,600 shares at the end of June.
Meanwhile, its investment in the Bitwise Solana Staking ETF was almost entirely eliminated, dropping from 2,817 shares to just seven between quarters. Holdings of the Grayscale XRP Trust ETF remained steady at 712,319 shares, showing little to no movement after accounting for possible trading activity that left the quarter-end balance unchanged.
| ETF | March 31 Shares | June 30 Shares | Change |
|---|---|---|---|
| iShares Staked Ethereum Trust | 116,200 | 349,600 | +201% |
| Bitwise Solana Staking ETF | 2,817 | 7 | -99.8% |
| Grayscale XRP Trust ETF | 712,319 | 712,319 | 0% |
Intesa Sanpaolo reported a sharp reduction in both its Bitcoin ETF and call option positions, while increasing its staked Ethereum fund exposure more than threefold. The bank’s Solana holdings nearly vanished, with XRP balances remaining unaltered over the quarter.
Form 13F filings reveal only a snapshot at the end of each quarter, presenting limited insight into daily trading or rationale behind trades. The filings do not capture written or short option strategies and lack detail concerning strike prices or expiration dates.
Due to these disclosure gaps, outside observers cannot definitively calculate the bank’s net exposure to any crypto asset based only on publicly available records.
Nevertheless, the data show Intesa Sanpaolo’s declared crypto investments now favor staked Ethereum over Bitcoin, with dramatically reduced exposure to Solana and steady XRP holdings.
Mini dictionary: Form 13F, a quarterly report that US institutional investment managers managing at least $100 million in certain securities must file with the SEC, disclosing their equity holdings as of the quarter’s end.
