Italy's Largest Bank Slashes BlackRock Bitcoin ETF Stake by 94 Percent
Intesa Sanpaolo slashed its holdings in BlackRock's spot Bitcoin ETF by 94% and loaded up on put options. Italy's largest bank redirected nearly $1 billion into SpaceX, trading direct crypto exposure for indirect equity proxies. The massive shift underscores shifting institutional sentiment after a tough quarter for crypto funds.
Italy's largest bank is pulling back from direct crypto exposure in a big way. SEC filings reveal Intesa Sanpaolo slashed its position in BlackRock's iShares Bitcoin ETF by 94% during the second quarter, gutting its holding down to just $1.36 million.
The institution did not stop at liquidating spot shares. Intesa eliminated 99% of its IBIT call options and acquired put options covering 500,000 shares, effectively betting on further downside after net ETF outflows hit nearly $5 billion last quarter.
Where did the capital go? The bank dropped $966 million into newly public SpaceX stock, making the aerospace pioneer its single largest US holding. While Intesa retreated from direct ETF spot products, it retains indirect exposure through SpaceX, which holds nearly 19,000 Bitcoins on its corporate balance sheet alongside a remaining position in the ARKB ETF.