Intesa Sanpaolo, Italy’s largest bank, more than doubled its cryptocurrency exposure during the first quarter of 2026, increasing its holdings from $100 million at the end of last year to approximately $235 million by March 31. The $135 million increase in digital asset-related assets marks a significant expansion of the bank’s proprietary trading activities. The lender, which serves roughly 14 million customers across retail and investment banking, has concentrated this growth in spot Bitcoin products, new Ethereum positions, and Ripple (XRP).
The bank’s strategic shift reflects a broader integration of regulated crypto products into traditional financial institutions. As Italy’s largest bank exceeds $200M in Bitcoin exposure through various ETFs, the move highlights how major European lenders are utilizing exchange-traded vehicles for market access. Intesa Sanpaolo confirmed these positions are held for proprietary trading, though it remains unclear if they also serve as hedges for products offered to professional clients.
Expanded Bitcoin and new Ethereum positions
Intesa Sanpaolo expanded its Bitcoin (BTC) footprint by adding to existing holdings in the ARK 21Shares BTC ETF and BlackRock’s iShares Bitcoin Trust ETF (IBIT). For the first time, the bank also entered the crypto derivatives market. It opened a new position in iShares Bitcoin Trust call options, representing a move to manage price action through more sophisticated financial instruments than simple spot holdings.
The first quarter also marked the bank’s inaugural entry into Ethereum (ETH). Intesa Sanpaolo gained exposure to the second-largest cryptocurrency by market cap through the iShares Staked Ethereum Trust. This diversification beyond Bitcoin suggests a widening scope for the bank’s trading desk. In the broader crypto market, Ethereum price outlook weakens or strengthens based on institutional flows, and Intesa’s entry provides a clear example of high-level banking participation in the asset.
First time entry into the XRP ecosystem
Institutional filings revealed a new stake in Ripple (XRP) through the Grayscale XRP Trust ETF. Reporting on the exact value of this position varies; Criptovaluta.it reported the stake at $26 million, while other data suggests it consists of 712,319 shares valued at approximately $18 million. This acquisition follows an announcement last month that Ripple would provide custody services to the Italian banking group.
The interest in XRP comes at a time when XRP speculative activity returns to global exchanges, often driven by shifts in the regulatory and technical landscape. For Intesa Sanpaolo, the combination of a direct investment stake and the adoption of Ripple’s custody infrastructure indicates a multi-layered approach to the Ripple ecosystem, despite the bank categorizing the investment as part of its proprietary trading book.
Drastic reduction in Solana and equity adjustments
In contrast to its increased exposure elsewhere, the bank nearly entirely exited its position in Solana (SOL). Filings show its holdings in the Bitwise Solana Staking ETF were slashed from 266,320 shares to just 2,817 shares. This near-total divestment represents one of the few areas where the bank retracted its crypto-linked exposure during the first three months of the year.
Parallel to its direct asset holdings, Intesa Sanpaolo overhauled its crypto-related equity portfolio. The bank increased its shares in Coinbase from 1,500 to 10,357 and added 165,600 shares of BitGo for the first time. Conversely, the lender dumped its position in Bitmine and trimmed its stake in Cantor Equity Partners II, the vehicle associated with the upcoming listing of tokenization firm Securitize.
These adjustments suggest a preference for infrastructure and exchange-related equities over mining-focused companies. By closing out put options on Strategy and focusing on established service providers like BitGo and Coinbase, the bank’s Q1 activity paints a picture of a traditional power consolidating its presence within the digital asset sector’s primary service and investment pillars.