Intesa Sanpaolo has shifted from direct crypto exposure toward a large equity position, disclosing a $966.42 million stake in SpaceX while sharply reducing its holdings in BlackRock's iShares Bitcoin Trust. An August 4 filing showed the bank bought 5.66 million SpaceX shares, making the company the largest position in its U.S. portfolio and accounting for about 33% of its $2.92 billion in U.S.-listed assets. The move still leaves the bank tied to Bitcoin indirectly because SpaceX holds 18,712 BTC on its corporate balance sheet. In the same filing, Intesa cut its IBIT stake by 94% to 40,723 shares worth $1.36 million at the end of June, removed roughly 99% of its call options, and added a put option (a contract that rises as the asset falls) covering 500,000 shares. It also kept 3.47 million shares of the ARKB ETF. The repositioning came as Bitcoin fell 14% in the second quarter, its third straight quarterly decline, and U.S. spot BTC ETFs (funds that hold Bitcoin directly) saw $4.89 billion in net outflows, according to SoSoValue. Other major buyers also moved into SpaceX, including Harvard Management Company with a $2.2 billion stake and the University of California's investment fund with a position worth nearly $1 billion.