Italy's Largest Bank Triples Staked Ethereum ETF Position in Q2

Intesa Sanpaolo’s latest SEC 13F filing shows a major reallocation within its disclosed crypto ETF exposure. The bank cut its Bitcoin ETF holdings dramatically, with common shares in the iShares Bitcoin Trust falling 93.7% and call-option exposure dropping more than 99%. A new put option position also appeared, though the filing does not reveal strike, expiry, or whether it represents a hedge. In contrast, the bank tripled its stake in the iShares Staked Ethereum Trust to 349,600 shares, making Ethereum its largest disclosed crypto ETF position. Solana exposure nearly disappeared, while XRP holdings were unchanged. The filing suggests a notable shift away from Bitcoin toward Ethereum, but the lack of full options detail means the bank’s true directional view remains unclear.