Italy’s Largest Bank Switched From Bitcoin to SpaceX Stock

Intesa Sanpaolo, Italy’s largest bank, disclosed a $966.42 million stake in SpaceX, marking a notable shift away from direct Bitcoin exposure. In the same SEC filing, the bank cut its BlackRock Bitcoin ETF position by 94%, from 646,809 shares to 40,723 shares, and eliminated most call options while adding a put position. The move reflects weaker appetite for crypto ETFs after Bitcoin fell 14% in Q2 and spot BTC ETFs saw $4.89 billion in net outflows. The article also notes that SpaceX has attracted other major institutional buyers, including Harvard’s $2.2 billion stake and a near-$1 billion position from the University of California. Overall, the piece highlights institutional rotation from crypto-linked vehicles into a high-profile private equity-style bet on SpaceX, signaling changing risk preferences rather than broad crypto optimism.