Form 13F captures only long US-listed positions, leaving net exposure and full option activity unclear.

The filing provides transparency into the bank’s digital asset strategy but does not confirm exact transaction dates within April–June.

The shift signals growing acceptance of Ethereum-based investments and staking-derived yields alongside risk-managed crypto exposure by large institutions.

Await Q2 disclosures around mid-August to see if this rotation signals a broader trend and to identify other banks reducing Bitcoin ETF positions.

Crypto ETFs offer regulated exposure to digital assets, avoiding the custody and operational complexities of direct crypto holdings.

The 13F reflects positions as of June 30, 2024, representing quarter-end holdings rather than intra-quarter trades.

Ethereum staking yields could differentiate ETH products, as staking rewards accrue from network participation unlike Bitcoin funds.

Intesa Sanpaolo slashed its common share position in BlackRock’s IBIT by 93.7% to 40,723 shares as of June 30, 2026, while adding a put exposure tied to 500,000 IBIT shares.

The bank massively increased its investment in the iShares Staked Ethereum Trust, rising from 116,200 to 349,600 shares, adding roughly $5.6 million of Ethereum exposure.

Overall, the 13F points to a rotation toward ETHB exposure and selective adjustments in Bitcoin holdings, with ARKB remaining the largest disclosed crypto ETF position.

Market data for the story comes from SEC 13F filings and other repositories such as CoinGlass and Yahoo Finance.

The move may reflect ETF rotation and yield-seeking behavior as part of a broader institutional trend rather than a single bank’s decision.