Italy’s biggest bank, Intesa Sanpaolo, more than doubled its digital asset exposure in the first quarter of 2026, boosting crypto holdings from about $100 million at the end of 2025 to roughly $235 million by March 31, according to regulatory filings in Italy.
The move marks the bank’s first significant allocations to Ethereum and XRP, a deeper push into Bitcoin via regulated funds, and a near-complete exit from Solana — underscoring a shift toward exchange-traded products and trusts rather than direct token ownership.
Bitcoin, Ethereum and XRP positions expand
The increase in holdings was led by larger Bitcoin allocations through the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust ETF.
Newly reported positions include:
- a stake of about $26 million in the Grayscale XRP Trust
- an investment in BlackRock’s iShares Staked Ethereum Trust
This quarter is the first time Intesa has reported exposure to Ethereum and XRP, after previously focusing largely on Bitcoin and Solana.
First derivatives trade in digital assets
Intesa also opened its first derivatives position in the sector by purchasing call options on the iShares Bitcoin Trust.
The bank has said its crypto holdings are used for proprietary trading, but did not confirm whether any positions are deployed to hedge products offered to clients.
Solana exposure almost wiped out
At the same time, the bank sharply cut back its Solana exposure.
Holdings in the Bitwise Solana Staking ETF dropped from 266,320 shares in the prior quarter to just 2,817 shares by the end of March, effectively unwinding what had been a major part of its crypto portfolio in late 2025.
Changes in crypto-related equities
On the equity side, Intesa adjusted several positions linked to the digital asset ecosystem:
- added 165,600 shares of BitGo
- fully exited its stake in Bitmine
- closed put options on Strategy
- reduced its investment in Cantor Equity Partners II
- raised its Coinbase stake from 1,500 shares to 10,357 shares
These moves indicate a rotation within listed crypto-related companies, with a greater emphasis on trading platforms and infrastructure players.
Growing ties with Ripple
The banking group recently strengthened its relationship with Ripple, which announced a custody partnership with Intesa last month.
The timing of that deal aligns with Intesa’s entry into XRP via the Grayscale XRP Trust, signaling a shift from limited blockchain experimentation to fuller integration of the technology into its service stack.
Bank performance and broader context
Despite its strategic repositioning, Intesa’s stock has tracked broader market weakness. Shares closed Friday at €5.74, down 1.56% on the day and 3.14% lower year-to-date, based on market data.
The portfolio overhaul comes as the bank continues to post strong fundamentals: Intesa reported a record net income of €2.8 billion for the first quarter of 2026. Digital asset holdings remain a small slice of its over €1.4 trillion in client financial assets, but the rapid shift in composition signals a clearer, more active stance on the sector.
Preference for regulated vehicles over direct tokens
The latest changes show a maturing approach, with Intesa favoring ETFs, trusts and other regulated wrappers over direct custody of tokens.
This structure allows the bank to:
- gain price exposure to Bitcoin, Ethereum and XRP
- rely on existing capital markets infrastructure
- reduce operational and custodial risks tied to handling underlying digital assets directly
The new use of call options and the reallocation away from Solana suggest a move beyond simple buy-and-hold strategies toward more complex, actively managed positions.
Europe-wide shift under MiCA
Intesa’s repositioning is part of a broader European trend as the EU’s Markets in Crypto-Assets (MiCA) framework gives banks and brokers clearer regulatory guidance.
Several major European banks now provide retail access to crypto trading:
- Spain’s BBVA offers Bitcoin and Ether services to clients
- France’s BPCE and Belgium’s KBC have rolled out similar offerings, with BPCE aiming to reach about 12 million users by 2026
Recent survey data from a study of 6,000 European traders shows:
- one in four has already allocated funds to digital assets
- 35% would consider switching their primary bank for better digital asset services
This demand is pushing traditional banks to either build competing offerings or risk losing clients to fintech firms and specialized platforms.
Qivalis stablecoin project targets euro-based rails
In a parallel effort, a group of 12 major European lenders — including BNP Paribas, ING, UniCredit and Deutsche Bank — has formed Qivalis, a venture to issue a euro-backed stablecoin compliant with MiCA.
The stablecoin is slated for launch in the second half of 2026 and is designed to:
- provide a euro-denominated settlement asset
- challenge a market where roughly 99% of stablecoin value is currently tied to the U.S. dollar
- reinforce European control over payment infrastructure and financial data in a tokenized economy
Together, Intesa’s portfolio reshaping and the Qivalis initiative highlight how Europe’s largest banking groups are moving to secure a central role in the next phase of digital finance.
Bank rotation into ETFs and trusts highlights TradFi–crypto convergence—explore how traditional finance is reshaping digital assets.
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