Italy’s Top Bank Raises Crypto Holdings to $235M Amid Institutional Push

• Intesa Sanpaolo more than doubled its crypto exposure from $100M to $235M between Q4 2025 and Q1 2026.
• The bank entered Ethereum and XRP for the first time via BlackRock’s iShares and Grayscale’s XRP Trust ETFs.
• Intesa nearly exited Solana entirely, cutting holdings from 266,320 shares to just 2,817 in one quarter.

Intesa Sanpaolo, Italy’s largest bank, raised its cryptocurrency holdings to approximately $235 million in Q1 2026. 

This marks a sharp rise from the $100 million recorded in Q4 2025. The bank expanded into Ethereum and XRP for the first time while growing its Bitcoin positions across several ETFs.

The move reflects a broader institutional push into digital assets among major European financial institutions.

Expanding Bitcoin and New Asset Exposure Fuel the $235M Figure

Intesa Sanpaolo’s Bitcoin holdings grew considerably across multiple funds during the quarter. Its ARK 21Shares BTC ETF position rose from 2,488,765 shares to 3,607,565 shares. The bank also increased its iShares Bitcoin Trust ETF stake from 470,409 to 646,809 shares.

Alongside Bitcoin, the bank entered Ethereum through BlackRock’s iShares Staked Ethereum Trust for the first time. 

It acquired 3,147,918 shares in the fund, which also carries a staking yield component. This added a new revenue dimension to its crypto portfolio.

The bank further added XRP exposure through the Grayscale XRP Trust, holding 712,319 shares. The position was valued at around $18 million as of March 31.

According to Criptovaluta.it, on April 15, Ripple separately announced it had offered custody services to Intesa Sanpaolo.

Criptovaluta.it reported that the bank confirmed these holdings serve proprietary trading purposes. 

The outlet noted that as far back as January 13, 2025, Intesa had confirmed purchasing 11 Bitcoin, worth roughly one million euros at the time. Per the same report, the bank stated these were carried out as “prop trading operations.”

Solana Exit and Equity Shifts Round Out the Portfolio Overhaul

While new positions were added, Intesa Sanpaolo nearly exited Solana entirely during the quarter. 

Its Bitwise Solana Staking ETF holdings fell sharply from 266,320 shares to just 2,817. The reduction freed up room for the new Ethereum and XRP allocations.

Changes extended to the bank’s crypto-related equity holdings as well. Its Coinbase shareholding increased from 1,500 to 10,357 shares, while Strategy put options were closed out completely. A new stake of 165,600 shares in BitGo also appeared in the Q1 filing.

The bank trimmed its Cantor Equity Partners II position from 50,000 to 29,831 shares. That company is connected to Securitize, a tokenization firm planning a stock exchange listing. The bank’s Bitmine shares were also fully exited during the period.

Criptovaluta.it noted it remains unclear “whether it is directional positioning of the bank or whether these are assets purchased to hedge products offered to professional customers.” For Q4 2025, the bank confirmed the activity fell under proprietary trading. 

The overall direction, scaling Bitcoin, entering Ethereum and XRP, and reducing Solana, points to a more deliberate and structured institutional crypto strategy taking shape at one of Europe’s major banks.

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