Italy's Largest Bank Increases Crypto Exposure to $235M in Q1 2026

• Intesa Sanpaolo’s crypto-related assets rose from about $100 million to nearly $235 million in Q1.
• The bank gained Ethereum exposure through the iShares Staked Ethereum Trust.
• A new Grayscale XRP Trust position held 712,319 shares worth about $18 million.

Italy’s largest bank, Intesa Sanpaolo, increased its crypto exposure sharply in the first quarter of 2026. According to Criptovaluta data shared by Wu Blockchain, the bank’s crypto-related assets rose from about $100 million in Q4 2025 to nearly $235 million by March 31.

The filing showed a broader shift in the bank’s digital asset strategy. Intesa Sanpaolo increased Bitcoin exposure, entered Ethereum for the first time, added a new XRP position, and sharply reduced its Solana holdings during the quarter.

Intesa Sanpaolo’s Q1 portfolio showed larger exposure across several crypto-linked products. The bank increased its holdings in Bitcoin-related funds, including the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust.

The data showed the bank held 3,607,565 shares of the ARK 21Shares Bitcoin ETF as of March 31, up from 2,488,765 shares at the end of December. Its iShares Bitcoin Trust position also rose to 646,809 shares from 470,409 shares.

Notably, Intesa also added call options tied to the iShares Bitcoin ETF, with 2,496,500 shares listed as of March 31. That new position signals a more active approach to Bitcoin-linked market exposure.

The bank kept smaller positions in Grayscale Bitcoin Trust and Grayscale Bitcoin Mini Trust unchanged. Both holdings remained at 871 shares and 174 shares, respectively.

Ethereum appeared in Intesa Sanpaolo’s crypto portfolio for the first time during the quarter. The bank bought 3,147,918 shares of the iShares Staked Ethereum Trust, giving it exposure to ETH through a regulated investment product.

That move marked a notable expansion beyond Bitcoin. It also came as institutional investors continued to track Ethereum products tied to staking and yield-bearing structures.

Meanwhile, Intesa opened a new XRP position through the Grayscale XRP Trust. The bank held 712,319 shares as of March 31, valued at about $18 million, according to the report.

Previously, the bank confirmed that such holdings were for proprietary trading purposes. It did not offer further details on the new Ethereum and XRP positions.

While Intesa increased overall crypto exposure, the bank cut its Solana position heavily. Its Bitwise Solana Staking ETF holding fell from 266,320 shares at the end of December to only 2,817 shares by March 31.

That reduction stood out against the broader increase in Bitcoin, Ethereum, and XRP-linked assets. It showed the bank did not simply add to the whole crypto market but changed the mix of its portfolio.

Additionally, the report noted changes in crypto-linked equities. Intesa increased its Coinbase position from 1,500 shares to 10,357 shares, showing stronger exposure to crypto infrastructure.

The Q1 update places Intesa Sanpaolo among major European financial institutions expanding into digital assets through regulated funds. Its latest filing shows rising institutional interest in Bitcoin, Ethereum, and XRP, while Solana moved lower in the bank’s allocation.

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