Intesa Sanpaolo, Italy's largest bank, executed a dramatic rebalancing of its digital asset portfolio in the second quarter, cutting its BlackRock spot Bitcoin ETF (IBIT) holdings by 94 percent—from 1.2 million shares to approximately 72,000 shares.
The divestment lands while BTC trades at $63,645, a consolidation phase that has some institutional desks trimming exposure after record inflows into spot Bitcoin ETFs following their Jan. 2024 U.S. approval. Intesa's original IBIT purchase had been a notable entry point for a major European bank into the spot Bitcoin ETF market.
At the same time, the bank tripled its position in staked Ethereum ETFs—a direct signal it is rotating toward yield-bearing assets. Staked ETH ETFs give institutions exposure to Ethereum's price, currently at $1,863, plus staking rewards generated by the network's proof-of-stake consensus mechanism. That structure captures both price appreciation and passive income from network participation without requiring the bank to run on-chain infrastructure directly.
On-chain data shows institutional ETH staking pools growing steadily, reflecting a broader push by sophisticated allocators toward capital-efficient strategies. While Bitcoin typically serves as the first entry point for traditional finance into crypto, Intesa's pivot toward staked ETH shows deeper engagement with protocol-level value accrual and risk-adjusted returns.
The move positions Intesa beyond simple spot exposure and into yield-generating products—a template other European banks currently evaluating crypto allocations will be watching closely.
