Italy’s Top Bank Slashes Bitcoin Calls, Triples Staked ETH

Intesa Sanpaolo, which is the largest banking group in Italy, made major changes to its crypto ETF holdings during the second quarter. Regulatory filings show that the bank slashed its underlying share amount for Bitcoin ETF call positions by 99.3 percent. At the same time, the bank added a new put option row covering 500,000 shares, while its common Bitcoin ETF shares dropped by more than 90 percent.

While these numbers look dramatic on paper, experts note that Form 13F filings only give a partial picture. The reports do not show strike prices, expirations, or whether the new puts were used as a simple market hedge. Because short options are not included in these specific reports, the exact net exposure of the bank remains unclear.

At the same time, the Italian bank shifted its focus toward yield bearing assets. Its holdings in a staked Ethereum ETF grew from 116,200 shares to 349,600 shares, nearly tripling over the quarter. Meanwhile, its Solana ETF balance dropped almost to zero, and its XRP trust holdings remained completely flat.

Traders should watch for future quarterly filings to see if this pivot toward staked Ethereum was a lasting portfolio strategy or a short term adjustment. As traditional banks continue to manage large crypto allocations through regulated funds, shifts between assets like Bitcoin and Ethereum highlight changing institutional priorities.