Italy’s Largest Bank Expands Crypto Holdings to $235 Million in First Quarter

Italy’s biggest bank, Intesa Sanpaolo, sharply increased its crypto investments during the first quarter of 2026 as traditional financial institutions continue expanding into digital assets.

The bank’s crypto related holdings reportedly grew from around $100 million at the end of 2025 to nearly $235 million by March 2026. The increase was mainly driven by larger Bitcoin investments through the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust ETF.

Intesa also entered Ethereum investments for the first time through BlackRock’s iShares Staked Ethereum Trust. In addition, the bank opened a new XRP position valued at about $26 million using the Grayscale XRP Trust ETF.

The bank also added Bitcoin-related call options, marking its first known crypto derivatives investment. Reports said the positions are mainly being used for proprietary trading activities.

Bank Reduces Solana Holdings While Expanding Crypto Partnerships

While increasing exposure to Bitcoin and Ethereum, Intesa almost completely exited its Solana investment. The bank reduced its position in the Bitwise Solana Staking ETF from more than 266,000 shares to fewer than 3,000 shares.

Intesa shares closed at 5.74 euros on Friday, down 3.14% year-to-date.

Intesa also adjusted its crypto-related stock portfolio by adding shares in BitGo and increasing its Coinbase holdings. At the same time, it exited its Bitmine investment and reduced exposure to other crypto-linked firms.

The moves reflect broader growth in Europe’s banking sector, where institutions including BBVA, BPCE and KBC are expanding crypto trading and digital asset services for customers.