Italy’s largest bank reallocates crypto holdings in Q2
Intesa Sanpaolo, Italy’s biggest banking group, reduced its iShares Bitcoin Trust (IBIT) call position by 99.3% in the second quarter while introducing a new 500,000-share put position and roughly tripling its staked Ethereum ETF holdings, according to a Form 13F filing released July 31.
The bank’s IBIT common stock position fell from 646,809 shares at March 31 to 40,723 shares at June 30, a 93.7% reduction. More significantly, the underlying shares represented by its held-call options dropped from 2,496,500 to 18,000 shares, representing the 99.3% cut. The new IBIT put row captured 500,000 shares in underlying value, marking the bank’s first reported put position in the Bitcoin ETF.
Intesa’s iShares Staked Ethereum Trust holdings expanded from 116,200 shares to 349,600 shares over the same period. The bank also reduced its Bitwise Solana Staking ETF position from 2,817 shares to 7 shares. Its Grayscale XRP Trust ETF stake remained flat at 712,319 shares at both quarter ends.
Form 13F filings capture positions held on quarter-end dates and express held options in terms of underlying security without disclosing strike prices, expiration dates, premiums, delta values, or counterparty details, according to SEC guidance. The filing also does not report written or short options separately from long positions.
“The holdings changed markedly, though Intesa’s complete net Bitcoin-options position and motive remain undisclosed,” according to analysis by CryptoSlate editor-in-chief Liam “Akiba” Wright.
The new IBIT put position does not establish whether Intesa adopted a net bearish Bitcoin strategy, as the incomplete Form 13F option reporting cannot determine the bank’s overall Bitcoin-options exposure. The put may represent a hedge, directional position, or part of a broader strategy not disclosed in the filing.
Intesa did not disclose the rationale behind the portfolio shifts or name any executive responsible for the reallocation decisions.
