Intesa Sanpaolo Doubles Crypto Holdings to $235M, Adds XRP and Ethereum

TLDR

• Intesa Sanpaolo more than doubled its crypto holdings from ~$100M to $235M in Q1 2026
• The bank added Ether exposure for the first time via BlackRock’s iShares Staked Ethereum Trust
• XRP was added through the Grayscale XRP Trust, valued at around $26 million
• Solana holdings were nearly wiped out, falling from 266,320 shares to just 2,817
• On the equities side, the bank added BitGo shares and increased its Coinbase stake

Italy’s largest bank, Intesa Sanpaolo, more than doubled its crypto exposure in the first quarter of 2026. Holdings rose from around $100 million at the end of 2025 to approximately $235 million by March 31, according to data from Italian crypto outlet Criptovaluta.it.

The growth was driven largely by expanded Bitcoin ETF positions. The bank added to both its ARK 21Shares Bitcoin ETF and its BlackRock iShares Bitcoin Trust holdings. It also opened its first derivatives position in the space, buying call options on the iShares Bitcoin Trust.

Ether and XRP Enter the Portfolio

Intesa entered Ethereum for the first time through BlackRock’s iShares Staked Ethereum Trust. This expanded the bank’s crypto book beyond Bitcoin-linked products for the first time.

The bank also picked up XRP exposure through the Grayscale XRP Trust. That position was valued at roughly $26 million. Intesa has not confirmed whether these holdings are used solely for proprietary trading or also support products offered to professional clients.

The addition of both Ether and XRP points to a more diversified approach to crypto exposure, though still focused on regulated, listed products.

Solana Nearly Eliminated

At the same time, Intesa sharply reduced its Solana position. Its stake in the Bitwise Solana Staking ETF fell from 266,320 shares to just 2,817 — a near-total exit in a single quarter.

That move contrasts with the bank’s expansion into Ether and XRP. It suggests the bank made deliberate choices about which assets to hold, rather than a broad pullback from crypto overall.

On the equities side, Intesa added 165,600 shares of BitGo for the first time. It also raised its Coinbase stake from 1,500 shares to 10,357. Meanwhile, it exited its Bitmine position and closed out put options on Strategy.

The bank also trimmed its stake in Cantor Equity Partners II, the vehicle through which tokenization firm Securitize is set to list.

Intesa’s ties to the digital asset sector go beyond trading positions. Last month, Ripple announced it would offer custody services to the Italian banking group. In January 2025, CEO Carlo Messina described the bank’s first Bitcoin purchase of 11 BTC as “a test,” saying the bank would not become “a bitcoin player.”

Intesa shares closed at 5.74 euros on Friday, down 1.56% on the day and off 3.14% year-to-date.

Other European banks are also moving into crypto. Spain’s BBVA, France’s BPCE, and Belgium’s KBC have all launched retail crypto trading services. A 12-bank consortium including BNP Paribas, ING, and Deutsche Bank is working on a MiCA-compliant euro stablecoin under the name Qivalis, targeting a launch in the second half of 2026.

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