Intesa Sanpaolo, Italy's largest banking group, tripled its staked Ether ETF position to $7.1 million during the second quarter. At the same time, the bank cut its iShares Bitcoin ETF stake by about 94% and shifted several other crypto-linked holdings.
Intesa Sanpaolo, Italy's largest banking group, tripled its position in an iShares staked Ether ETF during the second quarter while cutting its stake in the iShares spot Bitcoin ETF, according to a Friday filing with the US Securities and Exchange Commission. The bank held 349,600 shares of the iShares Staked Ethereum Trust ETF (ETHB) worth $7.1 million as of June 30, up from 116,200 shares valued at $3.15 million at the end of March.
Its Bitcoin ETF moves ran in the opposite direction. Intesa cut its iShares Bitcoin Trust ETF (IBIT) shareholding by about 94%, to 40,723 shares from 646,809 shares. It still retained 3.47 million shares of the ARK 21Shares Bitcoin ETF (ARKB) worth $67.6 million, its largest crypto-linked holding, though that count was down about 4% from the first quarter.
Elsewhere in the filing, Intesa left its Grayscale XRP Trust ETF (GXRP) position unchanged at 712,319 shares. It also nearly doubled its BitGo stake to 323,000 shares and reduced its Coinbase position to 7,000 shares.
Crypto ETFs give banks and other institutional investors exposure to digital assets through regulated securities products. As a result, they avoid the custody, compliance and operational requirements of holding cryptocurrencies directly.
Source: Cointelegraph
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