Italy's Intesa Sanpaolo Shifts Millions from Bitcoin to Ethereum

Intesa Sanpaolo, the largest banking group in Italy, recently revealed a major shift in its crypto strategy. According to its latest Form 13F filing, the bank slashed its holdings in the BlackRock iShares Bitcoin Trust by nearly 94 percent. At the same time, the institution tripled its position in the iShares Staked Ethereum Trust, bringing that specific investment to 7.1 million dollars.

While the reduction in Bitcoin exposure looks dramatic, the bank still holds significant crypto assets. It kept its stake in the ARK 21Shares Bitcoin ETF valued at 67.6 million dollars, which remains its primary crypto holding. However, the move toward Ethereum suggests that institutional investors are increasingly interested in products that offer yield through network staking, a feature that standard Bitcoin funds currently cannot provide.

This trend is not limited to Italian banks. Major trading firms like Jane Street have also reduced their Bitcoin ETF common stock positions while aggressively increasing their exposure to Ethereum funds. The shift follows a difficult second quarter for Bitcoin products in the United States, which saw record net outflows throughout June.

Market observers are now watching for upcoming quarterly disclosures due by mid August. These reports will clarify if this rotation toward Ethereum is a broader institutional trend or if it remains an isolated strategy for specific firms. For now, the focus remains on whether staking rewards are enough to lure large capital away from Bitcoin.