Italy's largest banking group, Intesa Sanpaolo, has more than doubled its cryptocurrency exchange-traded fund (ETF) holdings in the first quarter of 2026, reaching approximately $235 million as of March 31, up from about $100 million at the end of 2025. The aggressive move reflects growing institutional confidence in digital assets within a regulated framework.
According to data shared by Wu Blockchain, the bank significantly boosted its exposure to spot Bitcoin ETFs, increasing its ARK 21Shares Bitcoin ETF position from 2.49 million to 3.61 million shares and its iShares Bitcoin Trust ETF holdings from 470,000 to roughly 647,000. Intesa Sanpaolo also opened a new position of 2.49 million shares in iShares Bitcoin ETF call options, indicating a bullish stance on the asset.
For the first time, the bank entered the Ethereum market by purchasing approximately 3.15 million shares of the iShares Staked Ethereum Trust. It also made a notable move into Ripple-related products, creating a new XRP position worth approximately $18 million through 712,319 shares of the Grayscale XRP Trust.
Conversely, the bank dramatically reduced its stake in the Bitwise Solana Staking ETF from 266,000 to just 2,817 shares, signaling a portfolio restructuring that shifted capital toward Bitcoin and Ethereum-heavy allocations.
The investment strategy aligns with regulatory clarity provided by Europe's Markets in Crypto-Assets (MiCA) framework, which has made institutional crypto exposure more feasible. Intesa Sanpaolo's decision to use ETFs rather than direct crypto purchases underscores the importance of familiar, regulated structures for mainstream finance. The $135 million increase over three months sends a strong signal to both institutional and retail investors about the perceived legitimacy and long-term potential of digital assets.
