Italy’s largest bank, Intesa Sanpaolo, recorded a remarkable increase in its digital asset portfolio in the first quarter of 2026. The total value of the bank’s crypto assets reached $235 million as of March 31, 2026, from $100 million at the end of 2025. This data was announced by the Italian cryptocurrency news platform Criptovaluta.it.
Significant increase in Bitcoin ETFs
In this rapid growth in the portfolio, the share of exchange traded funds (ETFs) for cryptocurrencies, especially Bitcoin, is quite high. Intesa Sanpaolo significantly increased its holdings in the ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust. In addition, the bank stepped into derivative instruments in this field for the first time and purchased a call option on iShares Bitcoin Trust. It is known that the interest of institutional investors in Bitcoin in Europe has increased recently and diversification strategies in the banking sector have accelerated.
New steps with Ethereum and XRP
The bank’s investment portfolio does not only include Bitcoin. Intesa Sanpaolo also invested in Ethereum for the first time; As part of this step, it added BlackRock’s iShares Staked Ethereum Trust shares to its portfolio. It was stated that the bank also invested in XRP and opened a position of approximately 26 million dollars by adding Grayscale XRP Trust to its structure. The institution did not make an official statement about whether XRP and Ethereum investments were received directly for its own asset management or for product purposes for customers. The fact that both cryptocurrencies were included in the portfolio through registered, regulated investment vehicles demonstrates the bank’s cautious strategy.
Intesa Sanpaolo took an important step towards diversifying its portfolio by allocating shares to different crypto assets such as Ethereum and XRP; Products that are fully regulated and traded on the stock exchange were preferred in investments.
Quick retreat in Solana
Intesa Sanpaolo experienced a remarkable withdrawal in its Solana investments. The bank almost completely exited the asset during the quarter, reducing its holdings in the Bitwise Solana Staking ETF from 266,320 to just 2,817 units. This move contrasted sharply with the move towards cryptocurrencies offering larger market caps, such as Ethereum and XRP, and reflected a selective approach to investment allocation.
Stock investments and crypto conversion in Europe
In addition to individual cryptocurrencies, the bank’s digital asset portfolio also includes significant investments in the shares of companies operating in the sector. Intesa Sanpaolo, which acquired 165,600 shares of BitGo, also increased its investment with Coinbase from 1,500 shares to 10,357 shares. On the other hand, the bank closed all its positions in Bitmine and its put options in the Strategy product. It also reduced its holdings in the Cantor Equity Partners II fund, which manages Securitize’s IPO plans.
The bank’s interest in digital assets is not limited to portfolio investments. Recently, Ripple announced that it would provide crypto custody services to Intesa Sanpaolo. Carlo Messina, the CEO of the institution, stated in his statement in January 2025 that the bank’s first 11 Bitcoin purchases were made “for testing purposes” and that Intesa Sanpaolo would not turn into a “full Bitcoin company”.
The bank’s shares fluctuated in 2026. Shares of Intesa Sanpaolo, which closed Friday at 5.74 euros, increased by 1.56 percent during the day; It has lost 3.14 percent of its value since the beginning of the year.
Expansion in the crypto-asset space is also observed in other major financial institutions in Europe. While banks such as BBVA from Spain, BPCE from France and KBC from Belgium have launched cryptocurrency transactions open to individual customers; A consortium of 12 banks, including BNP Paribas, ING and Deutsche Bank, will launch a Euro stablecoin called Qivalis, compatible with MiCA regulations, at the end of the year.
