Intesa Sanpaolo Doubles Crypto Holdings to $235M, Adds Ether and XRP
IBIT•Intesa Sanpaolo doubled crypto holdings to $235 million in Q1 from $100 million at end-2025, driven by larger bitcoin ETF positions. It added ether via iShares Staked Ethereum Trust, opened a $26 million XRP trust position and cut Solana ETF holdings to just 2,817 shares.
1. Q1 Crypto Exposure Surge
Intesa Sanpaolo more than doubled its crypto allocation in the first quarter, raising holdings from about $100 million at end-2025 to roughly $235 million as of March 31. This surge was led by expanded positions in regulated bitcoin products, reflecting a strategic move to build digital-asset exposure within listed instruments rather than through direct token ownership.
2. Expanded Bitcoin and Derivatives Positions
The bank increased bitcoin exposure via ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust, while also adding call options tied to the BlackRock bitcoin ETF to introduce a derivatives layer. These moves enhance upside participation and risk management within Intesa’s digital-asset portfolio without holding large volumes of underlying tokens.
3. Broader Asset Mix and Altcoin Adjustments
Intesa added ether exposure for the first time through BlackRock’s iShares Staked Ethereum Trust and initiated a $26 million position in the Grayscale XRP Trust. Conversely, it slashed its Solana ETF stake from 266,320 shares to just 2,817 shares, signaling selective concentration on assets with deeper market liquidity.
4. Strategic Equity Stakes in Crypto Infrastructure
Beyond ETFs and trusts, Intesa Sanpaolo diversified into crypto-linked equities by adding BitGo shares, boosting its Coinbase holding from 1,500 to 10,357 shares and exiting Bitmine. These equity investments and the use of Ripple Custody underscore the bank’s broader strategy to integrate digital-asset services into its traditional banking franchise.
