Intesa Sanpaolo, Italy’s largest bank, has significantly expanded its cryptocurrency portfolio, more than doubling its exposure in the first quarter of the year. As of March 31, the bank’s reported crypto-related holdings have surged to approximately $235 million, up from around $100 million at the end of 2025. This substantial increase is attributed mainly to larger investments in Bitcoin through regulated market products, including the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust.
The latest quarterly report reveals a more diverse crypto portfolio compared to three months earlier. Notably, Intesa has ventured into Ether for the first time via BlackRock’s iShares Staked Ethereum Trust and has also initiated a new position in XRP through the Grayscale XRP Trust, valued at about $26 million.
Bitcoin continues to anchor the bank’s crypto strategy, but it has also diversified by acquiring call options linked to BlackRock’s bitcoin ETF. This strategic move provides Intesa with a derivatives layer that enhances its Bitcoin exposure while keeping the majority of activities confined to listed products instead of holding substantial direct tokens.
However, not all positions have increased; Intesa significantly reduced its exposure to Solana, cutting its holdings in the Bitwise Solana Staking ETF from 266,320 shares down to a mere 2,817 shares, indicating a strategic pivot away from this asset.
In addition to its cryptocurrency holdings, Intesa Sanpaolo has made adjustments to its equity investments related to digital assets. The bank has entered into a new position with BitGo shares, increased its stake in Coinbase from 1,500 to 10,357 shares, and divested from Bitmine. These changes follow Ripple’s announcement in April that Intesa is utilizing Ripple Custody to support its digital asset initiatives.
While the bank’s overall crypto investments remain modest in the context of its extensive banking operations, the trend is unmistakable. Intesa Sanpaolo is strategically building its cryptocurrency exposure through a variety of financial instruments such as ETFs, trusts, options, and related equities, indicating a commitment to integrating digital assets into its broader financial strategy rather than treating them as isolated trades.
