Key Highlights
- Intesa Sanpaolo reduced its primary IBIT holdings by 93.7% throughout Q2 2024.
- The financial institution decreased its IBIT call exposure from 2.49 million to 18,000 underlying shares.
- A fresh IBIT put position covering 500,000 underlying shares emerged in the quarterly disclosure.
- Intesa Sanpaolo expanded its staked Ethereum ETF shares beyond threefold to reach 349,600.
- The bank’s Bitwise Solana Staking ETF holdings dropped from 2,817 shares to merely seven.
Intesa Sanpaolo, Italy’s preeminent banking institution, executed a dramatic shift in its iShares Bitcoin Trust ETF holdings throughout the second quarter of 2024. The financial giant reduced its direct IBIT stake by approximately 94% while simultaneously decreasing the underlying-share quantity of its call holdings by 99.3%. During this same period, the bank expanded its position in the iShares Staked Ethereum Trust ETF by more than 200%.
IBIT Common Stock Holdings See Massive Reduction
According to regulatory filings, Intesa Sanpaolo held 40,723 IBIT shares as of June 30, marking a significant decline from the 646,809 shares reported on March 31. This adjustment reflects a 93.7% quarterly decrease in the bank’s direct holdings. The institution revealed these updated figures through a Form 13F submission dated July 31.
The filing additionally documented a substantial contraction in the bank’s IBIT call position. The reported underlying-share volume plummeted from 2,496,500 shares to just 18,000 shares, representing a 99.3% decrease across the two quarterly reporting periods.
Put Position Emerges in Latest Quarterly Filing
The June regulatory submission revealed a held IBIT put position encompassing 500,000 underlying shares. This put row was absent from the March filing. The disclosure, however, provides limited insight into the complete economic exposure or strategic intent behind these options contracts.
Form 13F reports held options by documenting the quantity of underlying shares. The form excludes critical information such as strike prices, expiration dates, premium costs, delta measurements, or counterparty information. Additionally, SEC regulations do not require written options to appear in these filings. Consequently, available data cannot definitively determine whether the put position functions as a protective hedge, a directional bearish wager, or an element within a more complex derivatives strategy.
Staked Ethereum Position Surges While Solana Exposure Evaporates
Intesa Sanpaolo boosted its iShares Staked Ethereum Trust ETF holdings from 116,200 shares to 349,600 shares, representing an increase exceeding 200% during the quarter. This substantial expansion occurred while the bank simultaneously withdrew from most of its disclosed Bitcoin ETF exposure.
The institution also dramatically reduced its Bitwise Solana Staking ETF position, dropping from 2,817 shares to a minimal seven shares. Meanwhile, its Grayscale XRP Trust ETF holdings stayed constant at 712,319 shares. The unchanged XRP figure leaves open the question of when the bank initially established this position.
In summary, the June quarterly filing reveals a contracted IBIT stake, diminished call holdings, a newly established put position, and substantially increased staked Ethereum ETF exposure. These regulatory filings represent point-in-time snapshots and do not capture Intesa Sanpaolo’s full trading operations or comprehensive Bitcoin options exposure across all financial instruments.
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