Italy's Top Banking Institution Expands Digital Asset Portfolio to $235M, More Than Doubling Q1 Investment
In a significant move, Intesa Sanpaolo expanded its digital currency portfolio from $100 million to $235 million during the first quarter of 2026, adding Ethereum and XRP positions for the first time while substantially reducing its Solana exposure.
Italy's leading financial institution, Intesa Sanpaolo, has substantially increased its cryptocurrency exposure during the initial three months of 2026, with its digital asset portfolio surging from roughly $100 million at year-end 2025 to approximately $235 million by the close of March 31.
The substantial increase was fueled by enhanced Bitcoin allocations, as the financial institution bolstered its stakes in both the ARK 21Shares BTC ETF and BlackRock's iShares Bitcoin Trust ETF. The bank also made its inaugural Ethereum investment through BlackRock's iShares Staked Ethereum Trust, and acquired a new position in Ripple's XRP by way of the Grayscale XRP Trust ETF, valued at roughly $26 million, based on reporting from domestic cryptocurrency publication Criptovaluta.it.
Intesa additionally established a new holding in iShares Bitcoin Trust call options, marking its initial foray into derivatives trading within this sector. The financial institution had previously acknowledged to Criptovaluta.it that these cryptocurrency holdings serve proprietary trading objectives, although it has not revealed whether any of these assets are being utilized to hedge financial products provided to professional clients, the report indicated.
Conversely, the banking institution scaled back its Solana exposure, which had been a notable component during the previous quarter. Its stake in the Bitwise Solana Staking ETF was reduced dramatically from 266,320 shares down to merely 2,817, representing an almost complete withdrawal.
Intesa adds BitGo, dumps Bitmine
Regarding equity positions, the institution implemented multiple modifications to its cryptocurrency-related stock portfolio. It acquired 165,600 shares of BitGo as a new investment, while simultaneously eliminating the Bitmine position. The financial institution also liquidated its put options on Strategy and reduced its holdings in Cantor Equity Partners II, the investment vehicle through which tokenization company Securitize plans to go public. Coinbase shareholdings also expanded from 1,500 to 10,357.
These strategic adjustments arrive as Intesa strengthens its connections to the digital asset industry. Last month, Ripple announced it would offer its custody services to the Italian banking group.
Intesa shares closed at 5.74 euros on Friday, down 1.56% on the day and off 3.14% year-to-date, according to Yahoo! Finance.
European banks expand crypto offerings
An increasing number of European financial institutions are entering the cryptocurrency space, with Spain's BBVA, France's BPCE and Belgium's KBC among those already live with retail trading services. BBVA became the first major Spanish bank to offer 24/7 Bitcoin and Ether trading through its mobile app, while BPCE launched in-app crypto trading via regulated subsidiary Hexarq, targeting 12 million customers by 2026.
At the infrastructure level, a consortium of 12 major European banks, including BNP Paribas, ING, UniCredit and Deutsche Bank, formed Qivalis to issue a MiCA-compliant euro-backed stablecoin, targeting a launch in the second half of 2026.