TLDR Tech / Crypto
Italy's largest bank more than doubles crypto holdings in Q1
Intesa Sanpaolo, Italy's largest bank, more than doubled its crypto holdings from approximately $100 million at the end of 2025 to around $235 million as of March 31, driven by expanded Bitcoin ETF positions, first-time entries into Ethereum through BlackRock's iShares Staked Ethereum Trust and XRP via the Grayscale XRP Trust ETF (approximately $26 million), and its first derivatives play with iShares Bitcoin Trust call options. The bank simultaneously executed a near-total exit from Solana, slashing its Bitwise Solana Staking ETF position from 266,320 shares to just 2,817, while making strategic adjustments to crypto equity holdings including adding 165,600 BitGo shares, dumping its Bitmine position, closing Strategy put options, and increasing Coinbase shares from 1,500 to 10,357. Intesa's positions are held for proprietary trading purposes and the expansion follows Ripple's announcement last month that it would offer custody services to the Italian banking group, signaling deepening institutional engagement with digital assets.
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