Italy’s Top Bank Cuts BlackRock Bitcoin ETF Stake 94% in Massive Ethereum Rotation
Intesa Sanpaolo slashed its BlackRock Bitcoin ETF position by 94% while tripling its holdings in staked Ethereum trust shares. Fresh 13F filings reveal major institutional capital is shifting away from spot Bitcoin to capture native ETH yield. Trading heavyweights like Jane Street are showing similar balance sheet moves as spot ETF flows diverge.
Italy’s largest banking group Intesa Sanpaolo dumped 93.7% of its BlackRock spot Bitcoin ETF holdings last quarter, cutting its position to just $1.36 million. The bank also opened fresh defensive put options on IBIT, signaling a sharp tactical pivot away from direct spot exposure.
The capital did not leave crypto—it migrated into yield. Intesa tripled its stake in the iShares Staked Ethereum Trust to $7.1 million while leaving its larger long-term ARK Bitcoin exposure intact. Institutions are waking up to Ethereum staking rewards as the ultimate driver for balance sheet allocations.
They are not acting alone. Trading titan Jane Street also slashed its Bitcoin ETF stock holdings while building massive positions across spot Ether funds. With June recording over $4.5 billion in spot Bitcoin ETF outflows, the 13F filing season is confirming that smart money is reallocating for yield.