Intesa triples Ether ETF stake to US$7.1M

• Intesa Sanpaolo tripled its staked Ether ETF holding to 349,600 shares during the second quarter.
• The position was worth US$7.1 million, while the bank cut its IBIT shareholding by about 94%.
• Crypto ETFs give institutions digital asset exposure without directly managing cryptocurrency custody and related operations.

Intesa Sanpaolo tripled its iShares Staked Ethereum Trust ETF holding to 349,600 shares worth US$7.1 million.

The bank held 116,200 ETHB shares worth US$3.15 million at the end of March.

Intesa retained 3.47 million ARK 21Shares Bitcoin ETF shares worth US$67.6 million, down about 4% from Q1.

The bank cut its iShares Bitcoin Trust ETF holding about 94%, from 646,809 shares to 40,723 shares.

Intesa kept 712,319 Grayscale XRP Trust ETF shares and nearly doubled its BitGo holding to 323,000 shares.

The bank also reduced its Coinbase position to 7,000 shares during the second quarter.

Crypto ETFs provide exposure to Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH) and other assets without requiring investors to hold cryptocurrencies directly.

At the time of reporting, Bitcoin price was $64,441.43.