Italy’s Intesa Sanpaolo Expands Crypto Portfolio to $235M with XRP and Ethereum Additions

TLDR

• Intesa Sanpaolo expanded its digital asset portfolio by more than 135%, reaching $235M in Q1 2026 from approximately $100M
• The financial institution established its first Ether position using BlackRock’s iShares Staked Ethereum Trust
• XRP entered the portfolio via Grayscale XRP Trust, representing roughly $26 million in value
• The bank drastically reduced its Solana exposure, decreasing holdings from 266,320 shares to merely 2,817
• Equity positions saw additions in BitGo and an expanded Coinbase stake

Intesa Sanpaolo, Italy’s premier banking institution, significantly expanded its cryptocurrency holdings during the opening quarter of 2026. The bank’s digital asset exposure jumped from approximately $100 million at the conclusion of 2025 to roughly $235 million by March 31, based on information compiled by Italian cryptocurrency publication Criptovaluta.it.

The substantial increase stemmed primarily from enlarged Bitcoin ETF allocations. The institution boosted its positions in both the ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust. Additionally, it initiated its inaugural derivatives exposure within this sector by purchasing call options on the iShares Bitcoin Trust.

Ethereum and XRP Join Investment Mix

Intesa established its first Ethereum position by acquiring shares in BlackRock’s iShares Staked Ethereum Trust. This strategic move represented the bank’s initial venture beyond Bitcoin-focused investment vehicles.

The institution simultaneously gained XRP exposure via the Grayscale XRP Trust. This holding carried an approximate valuation of $26 million. Intesa has not publicly clarified whether these assets serve exclusively for proprietary investment purposes or additionally support products marketed to institutional clients.

The integration of both Ether and XRP signals a broader diversification strategy for cryptocurrency holdings, while maintaining focus on regulated, exchange-traded instruments.

Dramatic Solana Position Reduction

Conversely, Intesa dramatically scaled back its Solana allocation. Holdings in the Bitwise Solana Staking ETF plummeted from 266,320 shares to a minimal 2,817 — representing an almost complete divestment within one quarter.

This strategic withdrawal stands in stark contrast to the bank’s simultaneous expansion into Ether and XRP. The move indicates selective asset allocation decisions rather than a wholesale retreat from digital currencies.

Regarding equity holdings, Intesa acquired 165,600 BitGo shares as a new position. The bank also substantially increased its Coinbase holdings from 1,500 shares to 10,357. Simultaneously, it divested its entire Bitmine position and closed put options on Strategy.

The institution also reduced its investment in Cantor Equity Partners II, the investment vehicle through which tokenization platform Securitize plans to pursue a public listing.

Intesa’s involvement in digital assets extends beyond portfolio positions. Ripple announced last month that it would provide custody solutions for the Italian banking group. Previously, in January 2025, CEO Carlo Messina characterized the bank’s initial 11 BTC acquisition as “a test,” explicitly stating the institution would not transform into “a bitcoin player.”

Intesa shares concluded Friday’s trading session at 5.74 euros, declining 1.56% for the day and down 3.14% year-to-date.

Additional European banking institutions are similarly entering the cryptocurrency space. Spain’s BBVA, France’s BPCE, and Belgium’s KBC have all rolled out retail cryptocurrency trading platforms. A consortium comprising 12 banks including BNP Paribas, ING, and Deutsche Bank is developing a MiCA-compliant euro stablecoin branded as Qivalis, scheduled for introduction during the latter half of 2026.

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