Intesa Sanpaolo, Italy’s largest bank, saw a remarkable surge in its digital asset portfolio during the first quarter of 2026. The total value of the bank’s cryptocurrency holdings soared to $235 million by March 31, 2026, up from $100 million at the end of 2025. This data was reported by the Italian crypto news platform Criptovaluta.it.
Significant growth in Bitcoin ETFs
A major driver of this expansion was the strong presence of exchange-traded funds (ETFs) linked mainly to Bitcoin and other cryptocurrencies. Intesa Sanpaolo substantially increased its positions in the ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust. For the first time, the bank also entered the crypto derivatives market by purchasing a call option on the iShares Bitcoin Trust. Interest among European institutional investors in Bitcoin has grown considerably in recent months, and diversification strategies in the banking sector have gained momentum.
New steps with Ethereum and XRP
The bank’s portfolio is not limited to Bitcoin. Intesa Sanpaolo made its initial investment in Ethereum by adding shares of BlackRock’s iShares Staked Ethereum Trust. Furthermore, the bank opened a roughly $26 million position in XRP by including the Grayscale XRP Trust in its holdings. It did not disclose whether these Ethereum and XRP investments were made for proprietary asset management or to develop client-facing products. Both assets were incorporated through regulated investment vehicles, highlighting the bank’s cautious and compliant approach to digital asset exposure.
By allocating capital to a range of cryptocurrencies such as Ethereum and XRP, Intesa Sanpaolo has taken a meaningful step toward portfolio diversification, exclusively opting for fully regulated, exchange-listed investment products.
Quick retreat from Solana
Intesa Sanpaolo’s strategy took a different turn regarding its Solana investments. The bank reduced its holdings in the Bitwise Solana Staking ETF from 266,320 shares to just 2,817 shares within the quarter, exiting nearly all of its Solana exposure. This marked a stark contrast to its increasing focus on major cryptocurrencies like Ethereum and XRP, reflecting a selective approach across its digital asset allocation.
Equity investments and Europe’s crypto transformation
In addition to direct cryptocurrency holdings, the bank has established significant positions in firms operating within the digital asset industry. Intesa Sanpaolo acquired 165,600 shares of BitGo and notably increased its stake in Coinbase from 1,500 to 10,357 shares. Conversely, it completely closed positions in Bitmine and divested from put options on its Strategy product. There was also a reduction in the bank’s interest in the Cantor Equity Partners II fund, which manages Securitize’s public offering plans.
The bank’s digital asset initiatives extend beyond investments. Recently, Ripple announced it would provide crypto custody services to Intesa Sanpaolo. In January 2025, CEO Carlo Messina emphasized that the bank’s initial foray into Bitcoin—purchasing 11 coins—was purely experimental and clarified that Intesa Sanpaolo does not intend to transform into a fully Bitcoin-focused company.
Meanwhile, Intesa Sanpaolo’s shares experienced volatility throughout 2026. The stock closed Friday at 5.74 euros, recording a 1.56 percent decline during the day and a 3.14 percent drop since the start of the year.
Broader expansion in digital assets can also be seen across Europe’s major financial institutions. Banks such as BBVA in Spain, BPCE in France, and KBC in Belgium have launched crypto trading services for retail customers. Additionally, a consortium of twelve banks—including BNP Paribas, ING, and Deutsche Bank—plans to introduce the MiCA-compliant Qivalis euro stablecoin by year-end.
