Intesa Sanpaolo Puts $966M Into SpaceX After 94% Bitcoin ETF Cut

Intesa Sanpaolo disclosed a $966.4 million position in SpaceX (5,656,200 shares), its largest U.S. holding at roughly one-third of its $2.92 billion U.S. portfolio, while cutting its BlackRock IBIT stake by 94% from 646,809 shares to 40,723 and adding puts covering 500,000 shares, per a Q2 SEC filing. The bank still held 3.47 million ARKB shares, so it did not exit Bitcoin-linked funds entirely. SpaceX, which went public on June 12 and holds 18,712 Bitcoin on its balance sheet, gives Intesa indirect crypto exposure, and Harvard Management Company also disclosed 12.94 million SpaceX shares worth about $2.21 billion.