Intesa Sanpaolo doubles crypto exposure to $235m in strategic Q1 shift
Intesa Sanpaolo’s reported holdings rose from $100 million at the end of 2025, driven by increased Bitcoin ETF positions and new stakes in Ethereum and XRP trusts, while Solana exposure was sharply reduced.
Intesa Sanpaolo, Italy’s largest bank, has more than doubled its crypto-related exposure in the first quarter, lifting reported holdings to approximately $235 million as of 31 March from roughly $100 million at the end of 2025. The increase was primarily driven by larger Bitcoin positions acquired through regulated market products, including the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust. This marks a significant escalation in the lender’s engagement with digital assets, moving beyond a modest side note on its balance sheet to a more structured portfolio approach.
The bank’s strategy has broadened to include assets beyond Bitcoin, adding Ether exposure for the first time via BlackRock’s iShares Staked Ethereum Trust. Additionally, Intesa opened a new XRP position through the Grayscale XRP Trust, valued at approximately $26 million in the report. These moves signal a diversification of the bank’s digital asset holdings, utilising established institutional vehicles rather than direct token purchases.
To manage its Bitcoin exposure, Intesa also added call options tied to BlackRock’s Bitcoin ETF. This introduction of a derivatives layer allows the bank to hedge or leverage its position while keeping activity within listed products. The approach contrasts with holding large direct-token balances, aligning with the bank’s preference for regulated market instruments and infrastructure-linked equities.
Conversely, the bank significantly reduced its Solana exposure, cutting its Bitwise Solana Staking ETF shares from 266,320 to just 2,817. This sharp decline left only a minimal remaining stake compared to the larger position held at the end of 2025. The adjustment highlights a selective approach to altcoin exposure, focusing resources on assets with deeper institutional liquidity and regulatory clarity.
Intesa also adjusted its crypto-linked equity book, adding BitGo shares for the first time and increasing its Coinbase position from 1,500 to 10,357 shares. The bank exited its position in Bitmine during the period. These changes follow reports from April indicating that Intesa Sanpaolo was using Ripple Custody to support its digital asset initiatives. Despite the growth, the portfolio remains modest relative to the bank’s wider banking business, with Intesa Sanpaolo S.p.A. last closing at €5.74 per share.
