Intesa Sanpaolo, Italy's largest bank, grew its crypto holdings from roughly $100 million at the end of 2025 to about $235 million by March 31, 2026 — a 135% jump that includes its first-ever Ethereum exposure. The Milan-based lender added ether through BlackRock's iShares Staked Ethereum Trust and bulked up on bitcoin via the ARK 21Shares BTC ETF and BlackRock's iShares Bitcoin Trust. It also opened its first derivatives position in crypto, taking call options on the iShares Bitcoin Trust.
From $100M to $235M in six months
The bank reshuffled its crypto portfolio aggressively during the quarter. Intesa sharply cut its Solana exposure, with holdings in the Bitwise Solana Staking ETF dropping from 266,320 shares to just 2,815. On the equity side, it added 165,600 shares of BitGo and increased its Coinbase position from 1,500 to 10,357 shares. The bank closed out put options on Strategy (formerly MicroStrategy) and sold its entire Bitmine position. Intesa confirmed the holdings are for proprietary trading; it hasn't said whether they back products for professional clients.
Ethereum enters the mix
Adding Ethereum is a notable first for Intesa. The bank chose a staked product through BlackRock, which means those ether positions earn staking rewards — a yield play that pure bitcoin ETFs don't offer. The move mirrors a broader trend among European financial institutions dipping into proof-of-stake assets, though Intesa's Solana pullback shows it's still feeling out which networks fit its risk profile.
A changing European landscape
Intesa isn't alone. Spain's BBVA now offers round-the-clock Bitcoin and Ether trading through its mobile app — the first major Spanish bank to do so. France's BPCE launched in-app crypto trading through regulated subsidiary Hexarq, aiming to reach 12 million customers by 2026. Belgium's KBC has gone live with retail crypto services. Meanwhile, a consortium of 12 major European banks — including BNP Paribas, ING, UniCredit, and Deutsche Bank — formed Qivalis to issue a euro-backed stablecoin compliant with MiCA, targeting a launch in the second half of 2026.
Intesa Sanpaolo shares closed at 5.74 euros on the day, down 1.50% and off 3.14% for the year. The bank's crypto push hasn't moved its stock much, but the quiet buildup in digital assets signals a deeper institutional shift — one that could accelerate once the Qivalis stablecoin goes live.
