Italy's largest bank Intesa Sanpaolo more than doubled its cryptocurrency exposure during the first quarter of 2026, according to reports citing Criptovaluta.it and Wu Blockchain data. The bank's crypto-linked holdings rose from approximately $100 million at the end of 2025 to about $235 million by March 31, 2026. This significant increase came primarily from larger Bitcoin ETF positions, with the bank adding to its ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust holdings. The bank's ARK 21Shares Bitcoin ETF position increased dramatically from 2,488,765 shares at the end of December to 3,607,565 shares by March 31, while its iShares Bitcoin Trust rose to 646,809 shares from 470,409 shares. Notably, Intesa Sanpaolo also added call options tied to the iShares Bitcoin ETF, with 2,496,500 shares listed as of March 31, signaling a more active approach to Bitcoin-linked market exposure.
The bank expanded beyond its traditional Bitcoin exposure by gaining Ethereum exposure for the first time through BlackRock's iShares Staked Ethereum Trust, purchasing 3,147,918 shares during the quarter. Additionally, Intesa Sanpaolo opened a new XRP position through the Grayscale XRP Trust, holding 712,319 shares valued at approximately $18 million as of March 31. The bank has not disclosed whether the XRP holding supports only proprietary trading or also connects to products for professional clients. Previously, the bank confirmed that such holdings were for proprietary trading purposes, with no further details provided on the new Ethereum and XRP positions. Intesa Sanpaolo also established its first bullish position in IBIT options and added 165,600 shares of BitGo stock during the quarter. In Q4 2025, the bank had also held put options on MicroStrategy, a hedge against the company's enormous Bitcoin holdings, which were closed out entirely in Q1 2026.
According to the latest reports, Intesa Sanpaolo moved away from Solana during the same quarter, with its Bitwise Solana Staking ETF position falling dramatically from 266,320 shares at the end of December to only 2,817 shares by March 31. This represents a near-total exit from Solana-linked products, showing the bank's more selective approach to crypto exposure. The bank increased Bitcoin positions while adding Ether and XRP, while almost removing Solana from its disclosed ETF portfolio. The bank also closed all positions related to Bitmine, indicating a more focused approach to its crypto strategy. Intesa Sanpaolo increased its Coinbase position from 1,500 shares to 10,357 shares, showing stronger exposure to crypto infrastructure. The quarter's changes demonstrate a clear shift in institutional allocation rather than passive market value increases, with the bank expanding across multiple crypto vehicles while trimming one position.
This latest filing builds on Intesa Sanpaolo's earlier Bitcoin activity, as reported by Reuters in January 2025, when the bank bought 11 BTC worth about €1 million in its first proprietary Bitcoin trade. CEO Carlo Messina described the move as "a test" and stated the bank "won't become a bitcoin player." The bank's wider digital asset links also include custody infrastructure, having worked with Ripple Custody for tokenized asset custody. In mid-April 2026, Ripple announced it had offered Ripple Custody to Intesa Sanpaolo, representing the kind of regulated, institutional-grade custodial platform that banks use when preparing to handle digital assets on behalf of clients or within their own operations. The $235 million crypto book represents a fraction of one percent of the bank's balance sheet, measured in the hundreds of billions of euros, making this an experiment rather than a commitment for Europe's largest bank. Other European banks are similarly building crypto services and settlement tools, with a 12-bank consortium led by Qivalis launching a euro-backed stablecoin through joint venture targeting second-half 2026 launch under Dutch Central Bank supervision.
