Italy’s biggest bank just slashed its Bitcoin ETF call position by 99% to triple down on staked Ethereum

Intesa Sanpaolo, Italy’s largest banking group, cut the underlying-share amount of its reported iShares Bitcoin Trust ETF call position by 99.3% in the second quarter, while a 500,000-share-equivalent held put row appeared and its staked Ethereum ETF balance roughly tripled.

The changes mark a reset in the Italian bank’s disclosed quarter-end crypto ETF positions. They do not, by themselves, show that Intesa adopted a net bearish Bitcoin strategy.

The bank’s July 31 Form 13F captures positions held on June 30. Its May 15 filing provides the March 31 comparison point, making the figures quarter-end snapshots rather than a record of trades made on the filing dates.

The two holdings tables show Intesa’s common IBIT position falling from 646,809 shares to 40,723, a 93.7% reduction. The underlying-share amount in its held-call row dropped from 2,496,500 to 18,000, or 99.3%, according to the June 30 disclosure.

That later table also included a held IBIT put row representing 500,000 underlying shares, while no IBIT put row appeared in the March table.

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