Italy's largest bank increases Ethereum ETF holdings, cuts Bitcoin ETF exposure

Italy's largest banking group, Intesa Sanpaolo, has increased its investment in Ethereum while reducing part of its Bitcoin ETF exposure.

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the bank nearly tripled its holdings in the iShares Staked Ethereum Trust ETF (ETHB) during the second quarter of 2026.

At the same time, it reduced its position in BlackRock's iShares Bitcoin Trust (IBIT), showing a shift in how the bank is managing its crypto-related investments.

Intesa Sanpaolo Boosts Ethereum ETF Investment

As of June 30, Intesa Sanpaolo held 349,600 shares of the iShares Staked Ethereum Trust ETF (ETHB).

The position was valued at around $7.1 million. Just three months earlier, the bank held 116,200 shares worth about $3.15 million.

The latest filing shows that Intesa nearly tripled its investment in the Ethereum ETF during the second quarter.

Bank Reduces BlackRock's Bitcoin ETF Holdings

While increasing its Ethereum exposure, the bank reduced its investment in BlackRock's iShares Bitcoin Trust (IBIT).

Its IBIT holdings dropped from 646,809 shares to 40,723 shares, a reduction of about 94%. However, the bank continues to hold Bitcoin through other investment products. Its largest crypto-related position remains the ARK 21Shares Bitcoin ETF (ARKB).

Intesa reported owning 3.47 million ARKB shares, valued at approximately $67.6 million. Although the share count declined slightly from the previous quarter, ARKB remains the bank's biggest crypto ETF investment.

Other Crypto Investments Also Changed

The SEC filing also showed several other portfolio updates.

Intesa kept its investment in the Grayscale XRP Trust ETF (GXRP) unchanged at 712,319 shares. The bank almost doubled its stake in BitGo, increasing its holdings to 323,000 shares.

At the same time, it reduced its position in Coinbase, reporting ownership of 7,000 shares. These changes suggest the bank is adjusting its crypto investment strategy rather than reducing its overall exposure to digital assets.

Why Banks Are Buying Crypto ETFs

Many traditional banks and financial institutions are choosing crypto ETFs instead of holding cryptocurrencies directly.

Crypto ETFs allow investors to gain exposure to assets like Bitcoin and Ethereum without managing private wallets or securing digital tokens themselves.

They also provide a regulated investment option that fits more easily within existing compliance and risk management rules.

As more institutions enter the crypto market, ETFs continue to play an important role in bringing traditional finance closer to digital assets.

What This Means for Ethereum and Bitcoin

Intesa Sanpaolo's latest portfolio changes show that institutional interest in crypto remains strong.

The bank increased its Ethereum ETF investment while keeping a large position in Bitcoin through ARKB, even after reducing its BlackRock Bitcoin ETF holdings.

The move suggests that major financial institutions continue to adjust their crypto portfolios based on market opportunities rather than moving away from digital assets altogether.