Italy's Biggest Bank Goes Bigger On BlackRock's Staked Ethereum ETF

Intesa Sanpaolo, Italy's largest banking group, made a sharp pivot in its crypto-linked ETF portfolio during the second quarter of 2026, nearly tripling its exposure to BlackRock's iShares Staked Ethereum Trust ETF (ETHB) while dramatically cutting its position in the iShares Bitcoin Trust (IBIT).

A Near-Tripling in Staked Ethereum

The bank reported holding 349,600 shares of ETHB worth $7.1 million as of June 30, up from 116,200 shares valued at $3.15 million at the end of March. The moves were disclosed in a Form 13F filing with the U.S. Securities and Exchange Commission.

ETHB is a relatively new product. BlackRock's iShares Staked Ethereum Trust ETF began trading on Nasdaq in March 2026, holding spot ether and staking a portion of its holdings to combine price exposure with staking rewards. Between 70% and 95% of the portfolio's ether holdings are staked under normal conditions, with rewards converted to cash and distributed to shareholders as monthly dividends.

Bitcoin Exposure Cut, ARK Position Retained

The bank cut its IBIT shareholding by about 94%, to 40,723 shares from 646,809 shares. The shift signals a more selective approach to digital asset exposure rather than a wholesale exit from the asset class.

Intesa retained 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB) worth $67.6 million, its largest crypto-linked holding in the filing, with the share count down about 4% from the first quarter. Bitcoin slid 14% in the quarter and U.S. spot ETFs saw net outflows of $4.89 billion, while ether slumped 25% with a net $715 million of ETF outflows.

Intesa also kept its Grayscale XRP Trust ETF (GXRP) position unchanged at 712,319 shares, nearly doubled its BitGo stake to 323,000 shares, and reduced its Coinbase position to 7,000 shares. The filing does not disclose the bank's full options structure or net exposure, leaving the overall strategy only partly visible.

Sources:
CoinDesk: Intesa Sanpaolo Slashed IBIT Stake by 94% in Q2, Tripled Ether ETF Holding
CoinTelegraph: Italy's Largest Bank Triples Staked Ether ETF Holdings, Cuts IBIT
BlackRock: iShares Staked Ethereum Trust ETF (ETHB)