Intesa Sanpaolo disclosed a roughly $966 million SpaceX position in a 13F filing with the U.S. Securities and Exchange Commission, showing ownership of about 5.66 million Class A shares as of June 30, 2026 and making the stock about 33% of the Italian bank's roughly $2.92 billion U.S. equity portfolio. The disclosure is Intesa's first public report of a SpaceX stake since the company's June 2026 IPO under ticker SPCX. In the same filing, Intesa sharply reduced its direct exposure to BlackRock's iShares Bitcoin Trust, cutting its IBIT stake by 94% to 40,723 shares worth about $1.36 million, trimming nearly all related call options, adding a put option covering 500,000 shares, and retaining 3.47 million shares of the ARKB ETF. The move highlights both strong institutional demand for SpaceX shares and Intesa's concentration risk in a single stock, while also leaving the bank with indirect Bitcoin exposure because SpaceX holds 18,712 BTC on its balance sheet.