The latest Intesa Sanpaolo Bitcoin ETF filing shows a sharp second-quarter reset. Italy’s largest banking group cut the underlying-share amount of its reported iShares Bitcoin Trust ETF call position by 99.3%, while a 500,000-share-equivalent held put row appeared and its staked Ethereum ETF balance roughly tripled.

The changes mark a reset in the Italian bank’s disclosed quarter-end crypto ETF positions. They do not, by themselves, show that Intesa adopted a net bearish Bitcoin strategy.

The bank’s July 31 Form 13F captures positions held on June 30. Its May 15 filing provides the March 31 comparison point, making the figures quarter-end snapshots rather than a record of trades made on the filing dates.

The two holdings tables show Intesa’s common IBIT position falling from 646,809 shares to 40,723, a 93.7% reduction. The underlying-share amount in its held-call row dropped from 2,496,500 to 18,000, or 99.3%, according to the June 30 disclosure.

That later table also included a held IBIT put row representing 500,000 underlying shares, while no IBIT put row appeared in the March table.

Those option rows are incomplete measures of economic risk. Form 13F instructions express held options in terms of the underlying security and do not provide strike, expiration, premium, delta, or counterparty details.

SEC guidance also says written or short options are not reported or subtracted from long positions. The filing therefore cannot establish Intesa’s net Bitcoin-options exposure or determine whether the put was a hedge, a directional position or part of another strategy.

The shift in reported balances extended to Ethereum and Solana. Intesa’s iShares Staked Ethereum Trust ETF position rose from 116,200 shares to 349,600, slightly more than tripling, while its Bitwise Solana Staking ETF position fell from 2,817 shares to seven.