Ripple recently announced that it would provide custodial services to Intesa Sanpaolo — a deal that raised eyebrows when the Italian bank’s first-quarter filings showed that it quietly bought about $26 million worth of cryptocurrencies through its Grayscale XRP Trust ETF in the same period.
Shift towards blue chip cryptocurrencies
Intesa San PaoloItaly’s largest bank increased its cryptocurrency holdings from about $100 million at the end of 2025 to about $235 million by March 31, according to a report by Italian cryptocurrency outlet Criptovaluta.it.
Expansion was not just a simple case of buying more of the same. The bank added Ethereum First exposure through and built by BlackRock’s iShares Staked Ethereum Trust Bitcoin The positions are across two separate ETFs – the ARK 21Shares BTC ETF and the iShares Bitcoin Trust ETF from BlackRock. It also opened its first derivatives position in the space, taking a stake in the iShares Bitcoin Trust call options.
Meanwhile, the bank has withdrawn sharply from Solana. Its holdings in the Bitwise Solana Scking ETF fell from 266,320 shares to just 2,815 shares — an almost complete exit. The move signals a preference for established digital assets over riskier alternatives.
Stock movements are out of the picture
On the equity side, Intesa added 165,600 shares of BitGo and raised its Coinbase position from 1,500 to 10,357 shares. It closed put options on Strategy and reduced its stake in Cantor Equity Partners II, a vehicle linked to token firm Securitize.
The bank also sold all of its holdings Bitmain position. According to reports, Intesa has confirmed that its cryptocurrency holdings are reserved for private trading. It has not been disclosed whether any of these assets are used to support products offered to professional clients.
Intesa shares closed at €5.74 on Friday, down 1.50% on the day and down 3.14% for the year, based on data from Yahoo Finance.
A broader transformation across European banking
Intesa’s moves fit a broader pattern across Europe. Spanish bank BBVA now offers 24-hour Bitcoin and Ethereum trading through its mobile app, making it the first major Spanish bank to do so.
France’s BPCE has launched in-app cryptocurrency trading through a regulated subsidiary called Hexarq, with plans to reach 12 million customers by 2026. Belgium’s KBC has also launched retail cryptocurrency services.
On the other hand, 12 major European banks – including BNP Paribas, ING, UniCredit and Deutsche Bank – have formed a consortium called Kevalis.
Their goal is to issue a euro-backed stablecoin that is compatible with Mikathe regulatory framework for cryptocurrencies in Europe, is scheduled to launch in the second half of 2026.
Featured image from Intnews, chart from TradingView
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