Italy’s second-largest bank by market capitalization, Intesa Sanpaolo, reduced its holdings in the iShares Bitcoin Trust ETF (IBIT) by 94% to 40,723 shares in the second quarter of 2026, according to regulatory filings. The bank held 646,809 IBIT shares at the end of the first quarter, valuing its position at $1.36 million by June 30.
The reduction came as bitcoin prices fell 14% during Q2 2026, following two consecutive quarters of declines exceeding 20%. U.S. spot bitcoin ETFs overall recorded $4.89 billion in net outflows during the quarter, with IBIT accounting for $2.95 billion of that outflow.
Alongside the IBIT pullback, Intesa Sanpaolo nearly eliminated its call options on the ETF, cutting that position by 99%. The bank simultaneously added put options covering 500,000 shares during the quarter. The bank’s IBIT position fell to a value of $1.36 million at quarter-end.
The portfolio shift contrasted sharply with the bank’s moves in ethereum exposure. Intesa tripled its position in the iShares Staked Ethereum Trust ETF (ETHB), issued by BlackRock, to 349,600 shares. That position rose in value to $7.10 million from $3.15 million the previous quarter, even as ether prices declined 25% during Q2. Spot ether ETFs suffered $715 million in net outflows during the period.
The bank’s crypto asset class exposure extended beyond ETFs. Intesa nearly doubled its BitGo Holdings position to 323,000 shares and reduced stakes in several crypto-linked equities: Coinbase Global fell 32%, Circle Internet dropped 10%, and Robinhood Markets declined 43%.
Intesa’s crypto positioning reflects a longer arc of institutional engagement with digital assets. In January 2025, the bank made its first direct bitcoin purchase, acquiring 11 BTC for approximately 1 million euros. CEO Carlo Messina characterized that initial purchase as an “experiment” at the time.
The bank’s Q2 rebalancing also included a new position in SpaceX following the aerospace company’s public listing on June 12, 2026. Intesa acquired 5.66 million SpaceX shares valued at $966.42 million. SpaceX itself holds 18,712 bitcoin worth $1.18 billion, according to public disclosures.
Intesa reduced its Tesla holdings by 92% during the quarter, a more dramatic cut than its IBIT reduction, signaling broader shifts in the bank’s equity allocation beyond cryptocurrency-related assets.
