Intesa Sanpaolo sharply rebalanced its disclosed crypto ETF positions during the second quarter of 2026, reducing its BlackRock iShares Bitcoin Trust exposure while substantially increasing its holding in the iShares Staked Ethereum Trust ETF. The changes reveal a selective restructuring of the Italian bank’s regulated digital-asset portfolio.
The positions were reported in a Form 13F filed on July 31 and reflect holdings as of June 30. They show a smaller IBIT footprint and greater ETHB exposure, but quarter-end disclosures do not reveal the bank’s complete trading strategy or net economic risk.
IBIT Shares and Call Exposure Fall Sharply
Intesa reduced its IBIT common-share position from 646,809 shares at the end of March to 40,723 shares in June. The 93.7% reduction left the position valued at approximately $1.36 million, marking a near-total withdrawal from its direct BlackRock Bitcoin ETF holding.
The bank also cut its reported IBIT call position from an amount representing 2,496,500 underlying shares to 18,000 shares. That 99.3% decline removed most of the upside option exposure visible in the previous quarterly filing.
A new put-option row covering the equivalent of 500,000 IBIT shares appeared in the June disclosure. The position could represent downside protection, a directional trade or one component of a broader strategy, making the put disclosure notable but insufficient to establish a bearish Bitcoin view.
Form 13F reports held options using the number of underlying shares. It does not disclose strike prices, expiration dates, premiums, deltas or written options, so the filing cannot show Intesa’s complete net derivatives exposure.
The bank also retained approximately 3.47 million shares of the ARK 21Shares Bitcoin ETF, valued at around $67.6 million. Although that holding declined modestly from March, it remained Intesa’s largest disclosed crypto-linked fund position.
The portfolio therefore does not represent a wholesale exit from Bitcoin. Instead, Intesa appears to have reduced its reliance on IBIT and its associated calls while preserving substantial Bitcoin exposure through another regulated ETF wrapper.
Staked Ether Position More Than Triples
Intesa increased its ETHB position from 116,200 shares to 349,600 shares, an increase of approximately 200.9%. The holding was valued at about $7.1 million at quarter-end, compared with roughly $3.15 million three months earlier.
ETHB combines exposure to Ethereum‘s market price with income generated by staking part of the fund’s assets. By expanding that position, Intesa added a yield-bearing component to its disclosed crypto ETF portfolio.
The structure may appeal to institutions seeking returns from both asset appreciation and native protocol rewards without operating validators or directly managing staking infrastructure. It provides staking economics through a traditional securities account and regulated fund structure.
Still, the filing does not confirm that yield was the bank’s primary motivation. The position may reflect tactical allocation, client activity, hedging or a broader portfolio mandate, making the strategy’s intent less certain than the change in share count.
The filing demonstrates how institutional crypto exposure can extend beyond outright ETF ownership. Common shares, calls, puts and staking products can be combined to create layered portfolios with different income, volatility and downside characteristics.
For ETF issuers and market makers, growing interest in staked Ether funds could support secondary-market liquidity and product development. The durability of that demand will depend on Ether prices, staking yields, fund expenses and the treatment of staking rewards inside regulated investment vehicles.
The broader signal is one of differentiation rather than simple rotation. Intesa reduced several highly directional IBIT positions, increased its staked Ether holding and retained a large ARKB allocation, showing institutional crypto portfolios are becoming more actively segmented by product structure and return profile.
Future filings will show whether the ETHB increase develops into a sustained allocation strategy or remains a quarterly adjustment. Until then, Intesa’s June positions indicate a more complex mix of Bitcoin exposure, derivatives risk management and yield-bearing Ethereum access.
