Intesa Cuts Bitcoin ETF Call 99%; Staked Ethereum Holdings Rise

Intesa Sanpaolo’s July 31 Form 13F filing, reporting positions as of June 30, shows a large reduction in its disclosed iShares Bitcoin Trust positions and a substantial increase in its iShares Staked Ethereum Trust holdings.

The filing reports the bank’s common iShares Bitcoin Trust (IBIT) holding fell from 646,809 shares at March 31 to 40,723 shares at June 30, a 93.7% decline. The underlying-share amount in the held-call row dropped from 2,496,500 to 18,000, a 99.3% reduction. The June 30 table also added a held IBIT put row representing 500,000 underlying shares; no IBIT put row appeared in the March 31 disclosure.

Intesa’s iShares Staked Ethereum Trust position increased from 116,200 shares to 349,600 shares. Its Bitwise Solana Staking ETF position fell from 2,817 shares to seven. The bank reported 712,319 shares of the Grayscale XRP Trust at both quarter ends.

Form 13F filings provide a snapshot of positions at quarter end and are not a trade-by-trade record. Option positions in the filing are expressed in terms of the underlying security and do not include strike prices, expiration dates, premiums, option deltas or counterparty identities. Securities and Exchange Commission guidance also notes that written or short options are not reported or netted against long positions in Form 13Fs.

Because of those reporting limits, the filing cannot establish Intesa’s net Bitcoin-options exposure or determine whether the newly reported put functioned as a hedge, a directional bet or part of a more complex strategy. The unchanged Grayscale XRP Trust figure does not confirm that the full Q2 balance was a new purchase; offsetting trades within the quarter remain possible.

The filings offer a quarter-end view of the bank’s disclosed U.S.-listed crypto ETF positions but do not reveal complete options exposure or the bank’s investment rationale.