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Italy's Intesa Sanpaolo shifts $966M from Bitcoin ETF to SpaceX stock, cutting crypto exposure sharply.

Market News
18 Aug 2026
BeInCrypto
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Bullish
Italy's Intesa Sanpaolo shifts $966M from Bitcoin ETF to SpaceX stock, cutting crypto exposure sharply.

Italy’s largest bank, Intesa Sanpaolo, disclosed a $966.42 million stake in SpaceX, marking a strategic shift from direct crypto investments to traditional equities. The bank drastically reduced 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 Intesa indirect crypto exposure while betting on long-term growth. Other major investors like Harvard and the University of California also increased their stakes in SpaceX, reflecting strong institutional confidence despite recent stock volatility.

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