- Intesa Sanpaolo’s crypto-linked holdings reportedly rose from about US$100 million to US$235 million in Q1.
- 13F-derived data showed large exposure to IBIT call options and ARK 21Shares Bitcoin ETF shares.
- The bank also reported Ethereum and XRP exposure through listed trust products.
Intesa Sanpaolo, Italy’s biggest bank, more than doubled its crypto-linked portfolio in the first quarter of 2026, lifting exposure to about US$235 million (AU$324 million) through Bitcoin, Ethereum and XRP investment products.
The move expands the banking group’s digital asset exposure from roughly US$100 million (AU$140 million) at the end of 2025, according to a local report.
The portfolio showed US$95.9 million (AU$132 million) tied to iShares Bitcoin Trust call options and US$81.2 million (AU$112 million) in ARK 21Shares Bitcoin ETF shares. The ARKB position was listed at 3,607,565 shares in portfolio summaries.
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Listed Products Lead
The bank also opened a position in call options on BlackRock’s iShares Bitcoin Trust, marking its first reported crypto derivatives position. Intesa previously told Criptovaluta.it that its crypto holdings are used for proprietary trading, though it has not said whether any positions are also used to hedge products offered to professional clients.
The bank sharply reduced its Solana exposure. Its position in the Bitwise Solana Staking ETF fell from 266,320 shares to 2,817 shares, amounting to a near-total exit.
Intesa also added Ethereum exposure through BlackRock’s iShares Staked Ethereum Trust and established a new XRP-linked position through the Grayscale XRP Trust.
The bank’s XRP stake was around 712,319 Grayscale XRP Trust shares, initially valued near US$26 million (AU$35.9 million).
That makes the position smaller than the bank’s Bitcoin exposure but notable because it extends the portfolio beyond the two largest crypto assets.
It’s worth noting that the bank also changed its crypto-related stock holdings. It bought 165,600 shares of BitGo for the first time and exited its Bitmine position. It closed put options on Strategy, trimmed its stake in Cantor Equity Partners II, the vehicle linked to tokenisation firm Securitize’s planned listing, and increased its Coinbase shares from 1,500 to 10,357.
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