It wasn’t alone in rejigging its exposure to cryptocurrencies. U.S. spot bitcoin ETFs overall recorded roughly $4.89 billion of net outflows in the three months through June, according to SoSoValue data. IBIT alone lost $2.95 billion. Spot ether ETFs also suffered, with more than $715 million in outflows.
Intesa Sanpaolo, in contrast, tripled its stake in BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) to 349,600 shares. The position was worth $7.10 million at quarter-end, up from $3.15 million.
Among crypto-linked equities, the bank nearly doubled its BitGo Holdings (BTGO) position to 323,000 shares, while reducing its stake in Coinbase Global (COIN) by 32%, Circle Internet (CRCL) by 10% and Robinhood Markets (HOOD) by 43%.
The filing also shows a new 5.66 million-share SpaceX (SPCX) position valued at $966.42 million, making it Intesa’s largest disclosed holding. SpaceX, which went public on June 12, holds 18,712 bitcoin worth $1.18 billion. It reduced its holdings in Tesla (TSLA) by 92%.
Intesa made its first direct bitcoin purchase in January 2025, acquiring 11 BTC for about 1 million euros ($1.2 million) as part of what CEO Carlo Messina described as an experiment.
