The Italian giant bank, which has increased its investment in cryptocurrencies since last year, has now switched almost entirely to Ethereum.
Accordingly, Italy’s largest banking group, Intesa Sanpaolo, made a noteworthy move.
While the bank sold a large portion of its BlackRock spot Bitcoin ETF holdings, it significantly increased its position in Ethereum.
In this context, the bank tripled its position in BlackRock’s iShares Staked Ethereum Trust ETF while closing almost its entire position in the Solana ETF.
According to the announcement, as of June 30, the bank reduced its position in BlackRock’s iShares Bitcoin Trust (IBIT) fund by 93.7% compared to the previous quarter, falling to 40,723 shares.
The bank also significantly reduced its investment in the Bitwise Solana Staking ETF. Its position in the SOL fund fell from 2,817 shares to just 7 shares.
In contrast, Intesa Sanpaolo significantly increased its position in Ethereum. The bank nearly tripled its iShares Staked Ethereum Trust ETF position, increasing it from 116,200 shares to 349,600 shares.
According to the data reported at this point, Intesa Sanpaolo is significantly reducing its holdings in Bitcoin and Solana, while substantially increasing its holdings in Ethereum, indicating a significant shift in the bank’s portfolio allocation towards cryptocurrency ETFs.
