Intesa Sanpaolo Shifts Millions from Bitcoin to Ethereum ETFs

Intesa Sanpaolo, the largest banking group in Italy, recently updated its investment portfolio to show a major pivot away from Bitcoin and toward Ethereum. According to a new regulatory filing, the bank cut its holdings in BlackRock's iShares Bitcoin Trust from over 640,000 shares down to roughly 40,700 shares by the end of June. This massive reduction signals a changing strategy for the financial giant regarding its crypto exposure.

While moving out of Bitcoin assets, the bank aggressively bought into Ethereum. Its position in the iShares Staked Ethereum Trust tripled during the same period, growing from 116,200 shares to 349,600. The bank also shed nearly all of its holdings in a Solana staking product, further narrowing its focus toward the second largest cryptocurrency by market cap.

This shift matches a broader trend seen among institutional investors who are balancing their digital asset portfolios. While Bitcoin ETFs recently saw a recovery in interest after a difficult month of outflows, many funds are diversifying into Ethereum to capture potential gains from staking yields. Market watchers will now look to see if this trend continues or if traditional banks return to Bitcoin as institutional confidence remains high for the leading cryptocurrency.