Italy's Intesa Sanpaolo shifts $966M from Bitco...
Italy's largest bank, Intesa Sanpaolo, disclosed a $966.42 million stake in SpaceX while cutting its holdings in BlackRock's Bitcoin ETF by 94%, signaling a retreat from direct Bitcoin exposure amid a declining crypto market. SpaceX, which went public in June and holds Bitcoin on its balance sheet, offers the bank indirect crypto exposure alongside a bet on long-term growth. Other major investors, including Harvard and the University of California, also increased their SpaceX stakes, reflecting strong institutional confidence despite recent stock volatility.
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