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- Intesa Sanpaolo tripled its investment in the iShares Staked Ethereum Trust ETF during Q2.
- The bank reduced its iShares Bitcoin Trust ETF holdings by approximately 94% but kept ARKB as its largest crypto investment.
- The portfolio changes reflect continued institutional interest in regulated crypto investment products.
Italy’s largest banking group, Intesa Sanpaolo, significantly reshaped its crypto investment portfolio during the second quarter, increasing its exposure to Ethereum-linked products while sharply reducing one of its Bitcoin ETF positions.
New regulatory filings show the bank expanded its stake in the iShares Staked Ethereum Trust ETF (ETHB), signaling stronger institutional interest in Ethereum-based investment products. At the same time, it trimmed holdings in select Bitcoin ETFs while maintaining a substantial position in another Bitcoin fund, highlighting a more selective approach to digital asset exposure.
Intesa Boosts Ethereum ETF Investment
According to a filing submitted to the U.S. Securities and Exchange Commission, Intesa Sanpaolo held 349,600 shares of the iShares Staked Ethereum Trust ETF (ETHB) as of June 30, valued at approximately $7.1 million.
The position marked a threefold increase from the end of the first quarter, when the bank reported owning 116,200 shares worth around $3.15 million. The move reflects one of the bank’s most notable portfolio adjustments during the quarter and underscores growing institutional interest in regulated Ethereum investment vehicles.
Bitcoin ETF Holdings Shift as IBIT Position Falls
While increasing its Ethereum allocation, Intesa reduced exposure to one of BlackRock’s Bitcoin ETFs.
The filing shows the bank cut its holdings in the iShares Bitcoin Trust ETF (IBIT) by roughly 94%, lowering its position from 646,809 shares to 40,723 shares.
However, Bitcoin remains Intesa’s largest crypto-related investment. The bank continued to hold 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $67.6 million. Although the share count declined by around 4% compared with the previous quarter, ARKB remained the firm’s biggest crypto-linked holding.
Other Crypto Investments See Mixed Changes
Beyond Bitcoin and Ethereum ETFs, Intesa made additional adjustments across its crypto-related portfolio.
The bank maintained its position in the Grayscale XRP Trust ETF (GXRP) at 712,319 shares, indicating no change from the previous quarter.
It also nearly doubled its investment in BitGo, increasing its holdings to 323,000 shares, while reducing its stake in Coinbase to 7,000 shares.
These changes suggest the bank is actively rebalancing its digital asset investments rather than reducing overall exposure to the sector.
Exchange-traded funds have become an increasingly popular way for banks and institutional investors to gain exposure to cryptocurrencies without directly holding digital assets.
By investing through regulated ETF structures, financial institutions can participate in the crypto market while avoiding many of the operational, custody, and compliance challenges associated with owning cryptocurrencies directly.
As institutional participation in digital assets continues to evolve, Intesa Sanpaolo’s latest portfolio adjustments illustrate how large financial firms are refining their crypto strategies across multiple asset classes.
Also Read: eCash Surges 40% While Ethereum Targets $2,000—Can Either Rally Continue?
Intesa Sanpaolo’s second-quarter portfolio changes point to a shift in emphasis rather than a retreat from crypto investments. The bank substantially increased its Ethereum ETF exposure, maintained a large Bitcoin ETF allocation through ARKB, and adjusted several other crypto-related holdings. The moves highlight how major financial institutions are continuing to fine-tune their regulated digital asset portfolios as the market matures.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
