Intesa Sanpaolo, Italy’s second-largest bank by market capitalization, tripled its stake in the iShares Staked Ethereum Trust ETF during the second quarter, even as Ether’s price fell 25%, according to a filing with the U.S. Securities and Exchange Commission (SEC). The move came as the bank slashed its Bitcoin exposure in the opposite direction, cutting its iShares Bitcoin Trust (IBIT) stake by 94% to 40,723 shares worth $1.36 million as of June 30, down from 646,809 shares three months earlier. Its overall Bitcoin ETF holdings fell 35% to $69.3 million over the same period.
From Calls to Puts, Bitcoin to Ether
The bank’s retreat from IBIT came alongside a near-total exit from its bullish options position. Intesa eliminated 99% of its call options on the ETF, which had given it the right to buy additional shares at a set price and typically signal a bet that the price will rise.
In their place, the bank added put options, which give it the right to sell at a set price and are typically used to hedge against or profit from a decline. Readers weighing their own crypto ETF options can check our guide to the best crypto ETF funds for a breakdown of fees and holdings.
The options move tracked Bitcoin’s price action during the quarter. The cryptocurrency dropped 14% between April and June, its third straight quarterly decline after two previous quarters that each saw drops of more than 20%.
Ether told a different story in Intesa’s portfolio. Even as the second-largest cryptocurrency fell 25% over the same three months, the bank tripled its holding in the iShares Staked Ethereum Trust ETF, according to the filing.
What This Means for ETF Investors
Intesa’s filing offers a rare look at how a major European bank repositioned across two of the biggest crypto ETFs during a rough quarter for both assets. The bank pulled back from Bitcoin while adding to Ether, even though Ether fell further in price. That suggests the decision was less about which asset performed worse and more about how the bank views risk across its crypto holdings overall.
It’s also a reminder that institutional flows into Bitcoin and Ether ETFs don’t always move in the same direction, even when both assets are trading lower. Similar Q2 disclosures from other institutions are rounded up on our news page.
Intesa’s Next Filing Lands in November
Intesa’s next 13F filing, due in mid-November for the quarter ending September 30, should show whether the bank was still reducing its Bitcoin ETF exposure or rebuilding it during the third quarter, and whether its Ether position kept growing or leveled off.
What this means for you: If you’re new to crypto ETFs, this filing shows one bank’s positioning at a single point in time, not a signal for what you should do with your own portfolio. A call option is a bet that prices will rise, and a put option is a bet that prices will fall. Institutions like Intesa switch between the two regularly as their outlook changes.
