Intesa Sanpaolo reshaped its disclosed crypto ETF positions in the second quarter, cutting a Bitcoin ETF call position by 99.3% while its staked Ethereum ETF stake more than tripled. A new Bitcoin put position also appeared in the filing, and the bank's Solana ETF position fell to seven shares from 2,817. The shift marks a reset in Intesa's reported positions, not confirmed proof of a bearish Bitcoin bet.
Intesa Sanpaolo, Italy's largest banking group, cut the underlying-share amount of its held Bitcoin ETF call position by 99.3% in the second quarter, from 2,496,500 to 18,000 shares. At the same quarter's end, the bank's staked Ethereum ETF position climbed from 116,200 to 349,600 shares, slightly more than tripling.
The bank's July 31 Form 13F filing captures positions held on June 30. Its May 15 filing provides the March 31 comparison point, making the figures quarter-end snapshots rather than a record of trades made on the filing dates.
Bitcoin Position Shrinks, New Put Appears
The bank's common Bitcoin ETF holding also fell 93.7%, from 646,809 shares to 40,723, the two SEC filings show. A held put row also showed up for the first time, representing 500,000 underlying shares, where the earlier filing had none.
Yet those options rows are an incomplete measure of risk. Form 13F rules require option holdings to list only underlying shares, without strike, expiration, premium, or delta data. Regulators also confirm that written or short options are never subtracted from long positions, so the filing cannot show Intesa's net Bitcoin-options exposure or determine whether the new put is a hedge, a directional position, or something else.
XRP Unchanged, Solana Falls to Seven Shares
Beyond the Bitcoin shift, Intesa's Bitwise Solana Staking ETF position fell from 2,817 shares to seven. Its Grayscale XRP Trust ETF holding, by contrast, stayed at 712,319 shares at both quarter-ends, though offsetting trades within the quarter remain possible.
Source: CryptoSlate
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