Italy’s Largest Bank Raises Crypto Exposure to $235 Million Through Bitcoin and Altcoin ETFs

Highlights:

• Intesa Sanpaolo increased its crypto-linked exposure to about $235 million through regulated investment products.
• Bitcoin remains the bank’s main crypto exposure, while XRP and Ethereum entered its portfolio.
• The Italian banking group reduced Solana exposure and adjusted several crypto-related stock holdings.

Italy’s largest banking group, Intesa Sanpaolo, has increased its crypto-related exposure to about $235 million through investment products linked to Bitcoin, XRP, Ethereum, and Solana. An Italian crypto media report published on Saturday said the bank’s exposure has more than doubled from nearly $100 million in the previous quarter.

The report shows that Intesa Sanpaolo is using exchange-traded funds (ETFs) and similar products to gain exposure to digital assets. These products allow a bank or investor to follow the price of crypto assets without directly holding the tokens. For a traditional bank, this route can be simpler because these products trade in regulated markets.

The latest figures point to a clear shift in the bank’s crypto strategy. Bitcoin remains the main part of its exposure, while XRP and Ethereum have now entered the portfolio through new positions. At the same time, the bank has sharply reduced its Solana-linked position.

Italy’s Largest Bank Intesa Sanpaolo Increases Crypto Exposure to $235 Million in Q1

According to Criptovaluta, Italy’s largest bank Intesa Sanpaolo significantly increased its crypto exposure in Q1 2026. Its crypto-related assets surged from approximately $100 million in Q4… pic.twitter.com/zlAGBDNxyd

— Wu Blockchain (@WuBlockchain) May 16, 2026

Intesa Sanpaolo Increases Bitcoin ETF Holdings

According to the report, Intesa Sanpaolo raised its position in the ARK 21Shares Bitcoin ETF to 3,607,565 shares by March 31, up from 2,488,765 shares at the end of December last year. The bank also increased its holding in BlackRock’s iShares Bitcoin Trust ETF to 646,809 shares, up from 470,409 in the previous quarter.

The bank also held smaller positions in other Bitcoin-related products, including the Bitwise Bitcoin ETF, the Grayscale Bitcoin Trust ETF, and the Grayscale Bitcoin Mini Trust ETF. In addition, it added a new position in iShares Bitcoin ETF call options. A call option gives the holder exposure to a possible price increase in the underlying asset, but it does not work the same way as directly buying the asset.

Bitcoin’s larger role in the bank’s portfolio is not surprising. Since the launch of spot Bitcoin ETFs in the United States, many financial institutions have used these products to access the crypto market in a more familiar investment structure.

XRP and Ethereum Enter the Portfolio

The biggest new addition is XRP. Intesa Sanpaolo added 712,319 shares of the Grayscale XRP Trust ETF. The report placed the current value of this position at about $26 million, while its value on March 31 was around $18 million.

The bank also added exposure to Ethereum through BlackRock’s iShares Staked Ethereum Trust. Ethereum is the second-largest crypto asset by market value and is widely used for blockchain-based applications, tokenized assets, and smart contracts.

Meanwhile, Solana exposure fell sharply. Intesa Sanpaolo’s Bitwise Solana Staking ETF position dropped to 2,817 shares from 266,320 shares at the end of December. The report described the overall move as Solana exposure falling, while Bitcoin and XRP exposure increased.

Crypto-Linked Stocks Also Change

The bank also adjusted its crypto-related stock positions. It opened a new position in BitGo and raised its Coinbase holding to 10,357 shares from 1,500 shares. At the same time, it removed its Bitmine position and reduced its exposure to Cantor Equity Partners II.

The report said it is still not clear whether these positions are direct market bets by the bank or hedges linked to products offered to professional clients. For the previous quarter, Intesa Sanpaolo had said its holdings were linked to proprietary trading operations. The bank had also confirmed in January last year that it bought 11 Bitcoin, worth about €1 million at that time.

The latest update shows that major banks are still finding careful ways to enter the crypto market. Intesa Sanpaolo is not only holding Bitcoin exposure. It is also adding XRP and Ethereum products while reducing Solana-linked holdings. For the wider market, the move shows how traditional finance continues to use regulated investment products to reach digital assets.