Italy’s Largest Bank Places Massive Bet Against Bitcoin: Triples This Altcoin

Italy’s largest bank, Intesa Sanpaolo, has undergone a radical strategic shift, nearly liquidating its Bitcoin (BTC) investment and tripling its Ethereum (ETH) holdings, while opening a massive put position against BTC prices.

As institutional strategies rapidly evolve in crypto markets, a surprising move has come from Italy’s banking giant, Intesa Sanpaolo. The bank’s latest 13F report reveals that its holdings in Bitcoin (BTC)-focused exchange-traded funds (ETFs) have been largely liquidated, with the focus shifting toward the Ethereum (ETH) ecosystem. This clearly reflects a change in institutional investors’ risk perception and a shift in preference between assets.

According to the shared data, the bank reduced its shares in BlackRock’s iShares Bitcoin Trust (IBIT) by 93.7% compared to the previous quarter, bringing them down to 40,723 units. Not only direct shares, but call options betting on a rise in Bitcoin price also saw a dramatic 99.3% decline, falling to the 18,000 level. These figures indicate that the bank’s short-term confidence in the leading cryptocurrency has weakened.

Ethereum Rotation and Bitcoin Hedging Among Institutional Investors

The most striking point in the bank’s strategy was the redirection of capital from Bitcoin to Ethereum. Increasing its iShares Staked Ethereum Trust ETF shares from 116,200 to 349,600, Intesa Sanpaolo exactly tripled its Ethereum holdings. On the other hand, the bank took a cautious stance against the market by opening a massive put position of 500,000 shares to profit from or hedge against potential declines in Bitcoin price.

The portfolio shift was not limited to these two giants; the bank’s Bitwise Solana Staking ETF position also dropped from 2,817 shares to a symbolic 7 shares. Although the 13F filing does not fully reflect the bank’s total risk or all details of its options strategy, it is clear that Italy’s largest bank is taking a more pessimistic stance toward Bitcoin while expecting strong growth in Ethereum.