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XRP Institutional Crypto Investment News
Intesa Sanpaolo filed its latest disclosure document with the U.S. Securities and Exchange Commission on August 4, revealing a comprehensive adjustment to its crypto-related investment portfolio in the second quarter of 2026. 
The Italian bank's movements show a clear shift from exposure to Bitcoin ETFs to pledge Ethereum products, despite the sharp decline in both asset prices over the same period. Bitcoin (BTC) fell 14% in the quarter, the third consecutive quarterly decline after falling more than 20% in the previous two quarters. Ethereum (ETH) fell 25% over the same period. Such a price environment has put general pressure on US spot crypto ETFs. According to SoSoValue data, net outflows from spot bitcoin ETFs were approximately $4.89 billion in the three months to the end of June. The iShares Bitcoin Trust ETF alone decreased by $2.95 billion. During the same period, outflows from physical Ethereum ETFs exceeded $715 million.
Significantly reduce Bitcoin exposure
UniCredit reduced its holdings of the iShares Bitcoin Trust ETF (IBIT) from 646,809 shares to 40,723 shares, a reduction of approximately 94%, and the value of the position was US$1.36 million as of June 30. The bank did not stop selling shares, paying off 99% of its IBIT call options that had given it the right to buy additional shares at a fixed price. Instead, the bank added put options covering 500,000 IBIT shares, giving it the right to sell those shares at a predetermined price. Taken together, these operations suggest that the bank has significantly reduced its exposure to bullish bitcoin and established positions that could benefit if IBIT prices continue to fall.
The bank's decision to reduce IBIT did not occur simultaneously in all bitcoin-related positions. It retained 3.47 million shares of the ARK21 Shares Bitcoin ETF (ARKB) valued at US$67.6 million, the largest crypto-related position in this disclosure. This position fell by about 4% from the previous quarter, and the reduction was much smaller than that of IBIT. The bank also kept its holding of the Grayscale XRP Trust ETF (GXRP) unchanged at 712,319 shares, indicating that its exit from crypto-related ETFs was selective rather than a full retreat.
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Even while cutting IBIT, UniCredit Bank moved in the opposite direction on Ethereum. The bank tripled its position in BlackRock's iShares Pledged Ethereum Trust ETF (ETHB), from 116,200 shares (worth $3.15 million) at the end of March to 349,600 shares (worth $7.1 million) at June 30. The operation was carried out against the backdrop of a 25% decline in Ethereum's price in the quarter, indicating that the bank was adding to its position at a low price rather than chasing gains.
Crypto stocks and a dominant new position
In terms of crypto-related stocks, UniCredit Bank's changes are equally significant. The bank nearly doubled its stake in BitGo Holdings (BTGO) to 323,000 shares. At the same time, it cut its position in Coinbase Global (COIN) by 32%, reduced its position in Circle Internet (CRCL) by 10%, and reduced its position in Robinhood Markets (HOOD) by 43%. These reductions suggest that the bank is withdrawing from broader crypto infrastructure stock trading while selectively increasing positions in ETFs.
The largest single position in this disclosure document is not related to decentralized finance or crypto ETFs. UniCredit reported a new position: it holds 5.66 million shares of SpaceX (SPCX) worth $966.42 million, the largest single position in the entire document. SpaceX, which went public on June 12, holds 18,712 bitcoins (worth approximately $1.18 billion) on its balance sheet, giving the position indirect exposure to bitcoin. At the same time, the bank cut its Tesla (TSLA) position by 92%, a move that reduced its exposure to another company that holds Bitcoin.
UniCredit Bank purchased Bitcoin directly for the first time in January 2025, purchasing 11 bitcoins for approximately 1 million euros (US$1.2 million). CEO Carlo Messina called the purchase an experiment at the time. The bank's second-quarter 2026 documents show that it has gone far beyond the scope of its original experiments and established a diversified crypto-related investment portfolio covering ETFs, pledged assets, options and crypto-related stocks, while actively adjusting this exposure based on market conditions.
