Intesa Sanpaolo Shifts Investment from BlackRock’s Bitcoin ETF to SpaceX
Italy's largest bank, Intesa Sanpaolo (ISP.MI), has significantly reduced its exposure to cryptocurrency by cutting its stake in BlackRock’s iShares Bitcoin Trust and instead acquiring a $966.42 million position in newly public SpaceX (SPCX). The move reflects the bank’s pivot from direct crypto investments toward traditional equities, with the new SpaceX holding becoming Intesa's largest U.S.-listed asset. The shift comes amid broader market trends: Bitcoin fell 14% during Q2 and ETFs saw $4.89 billion in outflows. In contrast, institutional investors like Harvard Management Company and UC’s investment fund have also added large stakes in SpaceX, signaling confidence despite the stock's volatility since its June IPO. Intesa retained a small portion of its Bitcoin exposure through ARKB but significantly reduced call options on IBIT while acquiring put options that benefit from falling prices. The bank now holds indirect crypto exposure via SpaceX’s corporate BTC reserves.
