Intesa Sanpaolo, one of Europe’s largest banks, has exceeded $200 million in holdings linked to cryptocurrencies as of the first quarter of 2026. The Italy-based banking giant made significant investments in Bitcoin and related financial products, according to official filings, positioning itself as an early major adopter within the traditional banking sector.
Focus on Bitcoin and ETF positions
Based on the latest 13F filings submitted to the U.S. Securities and Exchange Commission, Intesa Sanpaolo’s total exposure to Bitcoin-focused financial products and options reached approximately $202 million by the first quarter of 2026. The bank achieved this primarily through investments in regulated spot Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust.
The filings show that Intesa Sanpaolo increased its stake in the ARK Invest and 21Shares Bitcoin ETF to $81.17 million, up from $72.6 million in the previous period. Its position in the BlackRock iShares Bitcoin Trust ETF rose as well, hitting $24.85 million.
In addition, the bank maintains smaller investments in products tied to Grayscale Investments and Bitwise Asset Management. By the end of March, its direct investments in spot Bitcoin ETFs and similar instruments totaled $106.1 million.
The bank’s single largest gain came from a sizable call option position on the BlackRock iShares Bitcoin Trust ETF, valued at nearly $95.9 million according to the records.
Growth in Ethereum and XRP allocations
Intesa Sanpaolo has also diversified into crypto products beyond Bitcoin. The bank allocated $3.15 million to BlackRock’s iShares Staked Ethereum Trust ETF, seeking exposure both to the price of Ethereum and to yields generated by staking.
It also invested $18.53 million into Grayscale’s XRP Trust ETF. By relying on official, regulated investment vehicles rather than direct crypto purchases, the bank included both XRP and Ethereum in its overall portfolio.
Other smaller allocations went to digital asset companies, such as $2.33 million in Circle Internet Group, $1.83 million in Coinbase, and $1.36 million in BitGo.
Meanwhile, the bank’s positions in Solana-related products have declined. Its stake in the Bitwise Solana Staking ETF dropped from $4.36 million at the end of 2025 to just $31,000 by March 31, reflecting a clear pullback.
This shift indicates that Intesa Sanpaolo is now pursuing a more selective, risk-averse strategy focused on large-cap crypto assets like Bitcoin, instead of spreading its capital across more volatile altcoins.
Traditional finance and the crypto approach
Major financial institutions are increasingly choosing regulated exchange-traded funds and similar products rather than making direct forays into crypto markets. For instance, Mubadala’s more than $565 million holding in BlackRock’s Bitcoin ETF highlights this trend towards institutional exposure through official channels.
Intesa Sanpaolo did experiment with direct Bitcoin purchases in January 2025, acquiring Bitcoin worth over one million euros and holding about 11 BTC. However, the bank has since moved away from direct crypto investments, now favoring regulated financial instruments.
By the end of the first quarter of 2026, the bank’s total crypto-linked asset volume exceeded $200 million. Yet, compared to Intesa Sanpaolo’s €2.8 billion net profit and €1.4 trillion in assets under management, crypto investments remain a relatively minor component.
Recent disclosures reveal that large banks are beginning to approach crypto investments as a genuine strategic asset class, moving beyond experimental allocations and adopting a more sustainable, institutional perspective.
