Intesa Sanpaolo slashes Bitcoin ETF calls 99% as staked ETH triples

Intesa Sanpaolo cut its Bitcoin ETF call position 99 percent in Q2 while tripling staked Ethereum, a regulatory filing shows.

The 13F-style disclosure, filed Aug. 3, shows the bank's options book shifted from directional Bitcoin calls toward yield-generating staked Ethereum, though net options exposure and the bank's motive were not disclosed.

The filing also revealed a 500,000-share-equivalent put position on Bitcoin ETF exposure, suggesting the bank is hedging downside risk even as it reduces upside calls. Bitcoin traded near $60,000 as of Aug. 3, with traders awaiting major U.S. economic data and institutional ETF activity.

The shift from Italy's largest bank could influence institutional flows toward Ethereum staking products and away from Bitcoin ETF call strategies, potentially affecting demand dynamics for both assets in the coming quarters.

The move comes as institutional crypto allocation continues to evolve. Intesa Sanpaolo's decision to triple its staked Ethereum position while cutting Bitcoin call exposure by 99 percent suggests growing institutional preference for yield-generating crypto assets over directional price bets. Staked Ethereum offers ongoing yield through the network's proof-of-stake mechanism, while Bitcoin ETF call options provide leveraged upside exposure without the underlying asset.

The 500,000-share-equivalent put position adds a defensive layer, implying the bank sees potential downside risk in Bitcoin ETF exposure even as it reduces its bullish call positions. This combination of fewer calls, more puts, and a larger staked ETH position shows a bank that is more cautious on Bitcoin's near-term price action while committing more capital to Ethereum's yield economics.

Bitcoin's price action around $60,000 has been range-bound as traders digest mixed macro signals. The bank's options positioning could reflect expectations of continued volatility in the near term, with the put position serving as insurance against a potential drawdown. BlackRock's IBIT and other spot Bitcoin ETFs have seen fluctuating flows as institutional investors weigh macro headwinds against growing crypto allocations.

For Ethereum, the tripling of staked holdings shows confidence in the network's staking yield as a reliable return stream. This institutional rotation from directional Bitcoin exposure to yield-generating Ethereum could have broader implications for ETF flows and market structure, particularly if other large banks follow similar strategies. The staking yield on Ethereum, which rewards validators for securing the network, offers a recurring return that directional call options on Bitcoin cannot match.

This article is for informational purposes only and does not constitute investment advice.