Italy’s largest bank loads up on Bitcoin ETFs as crypto exposure tops $200M

Italy’s biggest bank, Intesa Sanpaolo, has sharply increased exposure to Bitcoin-linked investment products, with its total crypto-related holdings exceeding $200 million as of the first quarter of 2026. 

New filings show the bank also made major bets on a few U.S. spot Bitcoin ETFs and on its options position tied to BlackRock’s iShares Bitcoin Trust. 

The move signals increasing trust from traditional banks in a regulated set of crypto investment products, even while digital asset markets have been volatile. 

The most recent 13F filings prepared in the U.S. indicate that Intesa Sanpaolo increased its stake in the ARK Invest and 21Shares Bitcoin ETF to roughly $81.17 million, up from $72.6 million in the previous quarter. So did its shares in BlackRock’s iShares Bitcoin Trust ETF now hit $24.85 million from $23.44 million. 

The bank also held smaller positions in products linked to Grayscale Investments and Bitwise Asset Management. Its direct investments in spot Bitcoin ETFs and trust products totaled approximately $106.1 million by the end of March, compared to about $96.1 million in the previous quarter.

The largest gain was on a large call-option position linked to BlackRock’s iShares Bitcoin Trust ETF, commonly known as IBIT. This position had an estimated value of around $95.9 million, the filing showed. 

At the close of the quarter, Intesa Sanpaolo’s total Bitcoin-linked exposure amounted to approximately $202 million, including its call-option and ETF positions. 

The filing is notable because it underscores that big banks are using regulated financial products to gain crypto exposure rather than holding significant amounts of crypto. 

Bank expands into XRP and Ethereum products

During the quarter, Bitcoin was not the only crypto investment added. Intesa Sanpaolo also announced a $3.15 million allocation to BlackRock’s iShares Staked Ethereum Trust ETF, which tracks the price of Ether while reflecting staking rewards generated by some of the fund’s assets. 

The bank disclosed more news, posting another $18.53 million position in the Grayscale XRP Trust ETF, giving it exposure to XRP via a strictly regulated investment vehicle (as opposed to directly holding cryptocurrencies). 

In the off-blockchain money market, Intesa Sanpaolo also invested in multiple companies in the digital asset space. These were some $2.33 million in Circle Internet Group, $1.83 million in Coinbase, and $1.36 million in BitGo.

Meanwhile, the bank’s exposure to Solana-related products was already sharply discounted. Its position in the Bitwise Solana Staking ETF fell from $4.36 million at the end of 2025 to just over $31,000 by March 31. 

That pivot reflects the bank’s tightening of its crypto strategy and its more selective approach, including a greater appetite for Bitcoin and some large-cap assets like XRP, as well as a focus on lower-risk asset classes, such as the more volatile altcoins.

What does this mean for traditional banks and crypto markets?

Big investors continue to flock into the market via regulated investment products. Mubadala Investment Company had more than $565 million in BlackRock’s Bitcoin ETF, according to another recent filing. 

The latest filing by Intesa Sanpaolo adds new context to existing crypto exposure. According to the bank’s official website, it finalized and held a proprietary purchase of over €1 million of Bitcoin in January 2025 and held approximately 11 BTC for an interim period. 

However, at the time, this investment was regarded as a test run of direct crypto exposure by Italy’s top banking group. Now the approach has matured beyond the plan. 

Instead of owning Bitcoin primarily outright, the bank is generating exposure via ETFs, trust products, and options tied to regulated markets. 

While it exceeds $200 million in aggregate crypto-linked activity, it is small — at least compared to the bank’s overall size. Intesa Sanpaolo had €2.8bn in first-quarter net profit and managed more than €1.4 trillion in customer financial assets by the end of March. 

Nevertheless, the latest filing reveals that crypto investments are no longer treated as small experiments at many of the biggest financial institutions, the papers said. 

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