Italy's banking giant Intesa Sanpaolo saw its crypto asset holdings climb to $235 million in the first quarter of 2026, marking a sharp expansion. The Milan-based lender loaded up on Bitcoin via regulated ETFs and made its first-ever entries into Ethereum and XRP through trust products.
Bitcoin ETF Surge and First Derivative Play
The growth was driven largely by Bitcoin-linked ETFs. Intesa Sanpaolo significantly raised its positions in the ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust. For the first time, the bank bought a call option on the iShares Bitcoin Trust, stepping into crypto derivatives. European institutional interest in Bitcoin has risen notably in recent months, accelerating diversification moves across the banking sector.
First Ethereum and XRP Bets Worth Around $26M
The portfolio is no longer Bitcoin-only. Intesa Sanpaolo invested in Ethereum by adding shares of BlackRock's iShares Staked Ethereum Trust. It also opened a roughly $26 million position in XRP via the Grayscale XRP Trust. Whether these holdings are for proprietary asset management or client-facing products remains undisclosed. Both investments went through regulated vehicles, underlining the bank's cautious compliance approach.
Solana Exit Near-Complete
In stark contrast, Intesa Sanpaolo retreated sharply from Solana. It cut its Bitwise Solana Staking ETF holdings from 266,320 shares to just 2,817 shares — effectively a near-total exit. This selective approach reflects a focus on Bitcoin, Ethereum, and XRP while ditching smaller bets.
Coinbase and BitGo Boosted, Miner Positions Dumped
Beyond direct crypto holdings, the bank bought 165,600 shares of BitGo and increased its Coinbase stake from 1,500 to 10,357 shares. Meanwhile, it fully exited Bitmine and sold put options on its Strategy product. Intesa Sanpaolo also trimmed its interest in the Cantor Equity Partners II fund, which manages Securitize's public offering plans.
Ripple recently announced it will provide crypto custody services to Intesa Sanpaolo. CEO Carlo Messina stated in January 2025 that the initial 11-Bitcoin purchase was purely experimental and the bank has no intention of becoming a Bitcoin-centric firm.
Intesa Sanpaolo's stock closed Friday at €5.74, down 1.56% on the day and 3.14% year-to-date.
Broader European financial institutions are also moving into crypto. BBVA (Spain), BPCE (France), and KBC (Belgium) have launched crypto trading for retail clients. A consortium of 12 banks including BNP Paribas, ING, and Deutsche Bank plans to issue the MiCA-compliant Qivalis euro stablecoin by year-end.