In Bitcoin ETF information at this time, Intesa Sanpaolo, Italy’s largest financial institution, filed its Q2 2026 Kind 13F, the SEC’s necessary quarterly disclosure of institutional lengthy positions in US-listed securities, on August 4, and the numbers inform a pointy story.
The financial institution slashed its BlackRock iShares Bitcoin Belief (IBIT) place by roughly 94% whereas tripling its stake in BlackRock’s staked Ethereum product, at the same time as each belongings fell exhausting throughout the quarter.
Italy’s Largest Financial institution Intesa Sanpaolo Cuts IBIT Stake 94%, Triples Staked Ethereum ETF Holdings
Italy’s largest banking group, Intesa Sanpaolo, reported in its newest Kind 13F that, as of June 30, its common-share place in BlackRock’s iShares Bitcoin Belief (IBIT) fell 93.7%… pic.twitter.com/A5YjlWyym9
— Wu Blockchain (@WuBlockchain) August 4, 2026
This information dropped as Bitcoin sits at round $64,000, up +0.7% over the previous 24 hours, whereas Ethereum trades for roughly $1,850, up simply +0.3% in the identical timeframe.
The broader crypto market is up +1.7% since yesterday, with the entire market cap sitting at $2.27 trillion and day by day buying and selling quantity sitting at over $53Bn, up from $48Bn the day earlier than.
Bitcoin ETF Information: The IBIT Exit That Wasn’t a Full Bitcoin Retreat
(SOURCE: CoinGlass)
Intesa diminished its IBIT, BlackRock’s iShares Bitcoin Belief, the biggest spot Bitcoin ETF by belongings, from 646,809 shares to simply 40,723, leaving a place value $1.36M as of June 30, in keeping with the SEC submitting.
The financial institution additionally eradicated 99% of its IBIT name choices and changed them with a brand new put place masking 500,000 shares – a contract that income if IBIT’s value falls additional.
That stated, this isn’t a clear break from Bitcoin. Intesa held onto 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB), value $67.6M, the only largest crypto-linked place in the whole submitting, down solely about 4% from the prior quarter.
The financial institution additionally left its Grayscale XRP Belief place unchanged at 712,319 shares. The sample is selective discount, not a wholesale exit from institutional crypto publicity.
Staked Ethereum Will get the Improve
Whereas Bitcoin publicity was being trimmed, Intesa moved in the other way on Ethereum. The financial institution tripled its place in BlackRock’s iShares Staked Ethereum Belief ETF, an Ethereum ETF product that holds ETH and passes by way of community staking rewards.
These rewards usually run round 3–4% yearly, rising from 116,200 shares value $3.15M on the finish of March to 349,600 shares value $7.1M by June 30, in keeping with the first supply submitting.
ETH fell 25% over Q2 2026, that means Intesa was shopping for into weak point fairly than chasing a rally. The structural attraction of staked Ethereum, yield that spot Bitcoin funds structurally can not supply, seems to be the driving force.
Morgan Stanley has moved in an identical course, launching staked Ethereum ETPs for institutional purchasers, suggesting the choice for yield-bearing ETH merchandise is changing into a broader institutional sample fairly than a single financial institution’s idiosyncratic name.
(SOURCE: Yahoo Finance)
Market Context: ETF Rotation in a Tough Quarter
In different Bitcoin ETF information, Intesa’s strikes landed in a bruising market setting. Bitcoin dropped 14% over Q2 2026, its third consecutive quarter of losses, whereas web outflows from spot Bitcoin ETFs reached roughly $4.89Bn throughout the quarter, per CoinGlass knowledge.
The iShares Bitcoin Belief alone shed $2.95Bn in that interval. Spot Ethereum ETF merchandise recorded greater than $715M in outflows over the identical window.
The broader submitting additionally confirmed Intesa practically doubling its BitGo Holdings stake to 323,000 shares whereas reducing Coinbase by 32%, Circle by 10%, and Robinhood by 43%, a pullback from crypto infrastructure equities even because it added on the ETF facet.
The biggest single disclosed place had nothing to do with crypto instantly: a brand new 5.66 million-share stake in SpaceX valued at $966.42M, although SpaceX holds 18,712 BTC on its steadiness sheet, giving the place oblique Bitcoin publicity.
CEO Carlo Messina described the financial institution’s first direct Bitcoin buy, 11 BTC for about 1 million euros in January 2025, as an experiment on the time.
The Q2 2026 submitting reveals the experiment has advanced into lively portfolio administration: hedged, yield-seeking, and clearly keen to rotate between merchandise as situations shift. The subsequent quarterly submitting, due by August 14, will reveal whether or not different establishments adopted the identical ETF rotation playbook throughout Q2.
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