Intesa Sanpaolo cuts its BlackRock bitcoin fund holding by 93.7% and triples its ethereum fund position

Intesa Sanpaolo, Italy's largest banking group, disclosed a wide reshuffle of its digital asset portfolio in its Form 13F filing to the US Securities and Exchange Commission for the period ending June 2026.

According to the filing, the bank's direct holding in BlackRock's iShares Bitcoin Trust (IBIT) fell 93.7 percent, from 648,923 shares in the first quarter of the year to just 40,723 shares. Its call option positions also dropped 99.3 percent, while it opened new put option positions. By contrast, its allocation to BlackRock's ethereum fund rose 200 percent, from 116,200 to 349,600 shares, and the bank divested almost all of its holding in Bitwise's solana staking fund.

The shift coincides with outflows from spot bitcoin exchange traded funds in the first half of 2026. It should be noted that 13F filings do not necessarily cover all off balance sheet holdings or complex derivatives, and the positions may form part of a broader hedging strategy. Bitcoin was trading at around $64,168 on Wednesday, 5 August 2026 (14 Mordad 1405).