Key Takeaways:
- Total crypto exposure grew from about $100 million to $235 million in Q1.
- Added Ethereum and XRP for the first time, diversifying beyond Bitcoin.
- Opened first crypto derivatives trade with options on a Bitcoin ETF.
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Intesa Sanpaolo Boosts Crypto Holdings 135% to $235 Million
Intesa Sanpaolo more than doubled its crypto holdings to $235 million in the first quarter, diversifying its portfolio with first-time investments in Ethereum and XRP.
The increase from about $100 million at the end of 2025 was detailed in a report by Italian crypto publication Criptovaluta.it, which tracked the bank's proprietary trading book.
The growth was anchored by larger Bitcoin allocations through the ARK 21Shares and BlackRock iShares Bitcoin ETFs. The bank added a new $26 million position in XRP via the Grayscale XRP Trust and entered Ethereum through BlackRock’s staked ETH product.
The move shows Italy's largest bank is building a broader, more active digital asset strategy. By adding derivatives and new assets while cutting Solana exposure, Intesa is treating crypto as a tradable market segment, not just a passive Bitcoin allocation.
The bank’s new derivatives trade, a call option on the iShares Bitcoin Trust, marks its first in the space and points to a more active trading approach. The bank previously confirmed its crypto holdings are for proprietary trading purposes, meaning it is using the products for its own market activity rather than solely for clients.
While expanding into new assets, Intesa sharply reduced its Solana position. Its holding in the Bitwise Solana Staking ETF was cut from 266,320 shares to just 2,817, suggesting a strategic reallocation rather than a broad-based risk increase.
Intesa also adjusted its crypto-linked equity holdings. The bank increased its Coinbase (NASDAQ: $COIN) stake from 1,500 shares to 10,357 and added shares in custody firm BitGo (NYSE: $BTGO) for the first time, while exiting a position in Bitmine. The changes come after Ripple said in April that Intesa would use its custody services, placing the bank closer to the operational side of the market.
This article is for informational purposes only and does not constitute investment advice.
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