Italy’s Largest Bank Dumps BTC ETF for Staked Ethereum ETF
Market Context: ETF Rotation in a Rough Quarter
In other Bitcoin ETF news, Intesa's moves landed in a bruising market environment. Bitcoin dropped 14% over Q2 2026, its third consecutive quarter of losses, while net outflows from spot Bitcoin ETFs reached approximately $4.89Bn across the quarter, per CoinGlass data.
The iShares Bitcoin Trust alone shed $2.95Bn in that period. Spot Ethereum ETF products recorded more than $715M in outflows over the same window.
The broader filing also showed Intesa nearly doubling its BitGo Holdings stake to 323,000 shares while cutting Coinbase by 32%, Circle by 10%, and Robinhood by 43%, a pullback from crypto infrastructure equities even as it added on the ETF side.
The largest single disclosed position had nothing to do with crypto directly: a new 5.66 million-share stake in SpaceX valued at $966.42M, though SpaceX holds 18,712 BTC on its balance sheet, giving the position indirect Bitcoin exposure.
CEO Carlo Messina described the bank's first direct Bitcoin purchase, 11 BTC for approximately 1 million euros in January 2025, as an experiment at the time.
The Q2 2026 filing shows the experiment has evolved into active portfolio management: hedged, yield-seeking, and clearly willing to rotate between products as conditions shift. The next quarterly filing, due by August 14, will reveal whether other institutions followed the same ETF rotation playbook during Q2.
This article has been published in Yahoo.com via Yahoo News.
Italy’s Largest Bank Dumps BTC ETF for Staked Ethereum ETF
In Bitcoin ETF news today, Intesa Sanpaolo, Italy’s largest bank, filed its Q2 2026 Form 13F, the SEC’s mandatory quarterly disclosure of institutional long positions in US-listed securities, on August 4, and the numbers tell a sharp story. The bank slashed its BlackRock iShares Bitcoin Trust...
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