Italy’s biggest bank just slashed its Bitcoin ETF call position by 99% to triple down on staked Ethereum
Intesa Sanpaolo sharply reduced its disclosed Bitcoin ETF exposure in Q2. Its common iShares Bitcoin Trust ETF holdings fell from 646,809 shares to 40,723, and the underlying-share amount in its held-call row dropped from 2,496,500 to 18,000. A new held-put row appeared for 500,000 underlying IBIT shares. These 13F snapshots do not reveal strikes, expirations, premiums, or whether the put was a hedge, so net Bitcoin-option exposure is unknown. The bank also increased its iShares Staked Ethereum Trust ETF position from 116,200 shares to 349,600, while its Bitwise Solana Staking ETF stake fell to just seven shares. XRP holdings were unchanged at 712,319 shares. Overall, the filing shows a much smaller reported IBIT footprint, a new put disclosure, a larger Ethereum position, and near-zero Solana exposure.
