Intesa Sanpaolo Lifts Crypto Exposure to $235M via Regulated ETFs and Trusts

Intesa Sanpaolo has more than doubled its cryptocurrency exposure, raising holdings from roughly $100 million at the end of 2025 to about $235 million as of March 31, 2026, CoinDesk reported. The Italian banking group has broadened its positioning beyond bitcoin, adding regulated ETF and trust-based exposure to Ethereum and XRP in a move seen as another sign that parts of Europe's banking sector are warming to crypto after years of caution and regulatory scrutiny. A key change is the bank's first sizeable allocation to Ethereum. Intesa has bought more than 3.1 million shares of BlackRock's iShares Staked ETH Trust, which provides ETH exposure while passing through staking participation. The purchase suggests the bank is treating Ethereum not only as a price-risk asset, but also as an on-chain network with an embedded yield mechanism. The bank also initiated an XRP position through the Grayscale XRP Trust, holding more than 712,000 shares. The stake was initially valued at around $18 million and is now worth roughly $26 million after XRP's recent rally. Bitcoin remains the portfolio's anchor. Intesa increased positions in spot bitcoin ETF products, including BlackRock's IBIT and the ARK 21Shares Bitcoin ETF. It also added bitcoin call options for the first time, pointing to a more sophisticated approach combining hedging and directional exposure. At the same time, Solana appears to be fading in the strategy. Intesa has nearly exited the Bitwise Solana Staking ETF, cutting the position from more than 266,000 shares to 2,817 shares. The shift underscores a preference among large investors for more liquid and more heavily regulated vehicles tied to bitcoin and ether over higher-risk altcoins. Intesa said the crypto positions are held for proprietary purposes and are not linked to products offered to retail customers. The expansion comes as major European lenders post strong results and continue investing in digital platforms. Unicredit reported first-quarter profit of €2.8 billion, its highest on record, while Banco Santander has invested more than €5.7 billion in technology infrastructure from 2022 to 2026 and said its digital platform Isybank has more than 1.1 million users. The developments suggest crypto exposure is increasingly being folded into broader digitalization and revenue diversification plans at Europe's largest banks.