Intesa Sanpaolo, Italy’s biggest bank, expanded its cryptocurrency holdings substantially during the first quarter, more than doubling its crypto assets to nearly $235 million. This increase reflects a strategic shift towards blue-chip digital currencies and more sophisticated investment instruments.

While previously focused on certain crypto assets, the bank diversified its portfolio by adding Ethereum exposure for the first time through BlackRock’s iShares Staked Ethereum Trust. It also strengthened its Bitcoin positions using two separate ETFs: the ARK 21Shares BTC ETF and BlackRock’s iShares Bitcoin Trust ETF. Notably, Intesa Sanpaolo entered the derivatives market by purchasing call options on the iShares Bitcoin Trust, marking its initial venture into crypto derivatives.

The bank simultaneously cut back almost entirely on Solana holdings, reducing shares in the Bitwise Solana Staking ETF from over 266,000 to fewer than 3,000. This move indicates a preference for established cryptocurrencies like Bitcoin and Ethereum over more volatile alternatives.

On the equity front, Intesa Sanpaolo increased its shares in BitGo significantly and boosted its stake in Coinbase from 1,500 to over 10,000 shares. It also exited positions in Bitmine and reduced holdings in Cantor Equity Partners II, linked to tokenization firm Securitize, showing an active rebalancing of its crypto-related investments.

Reports confirm that Intesa’s crypto assets are held for proprietary trading purposes, though it remains unclear whether these holdings support any client-facing products.

This move by Intesa Sanpaolo mirrors a broader European trend where major banks are embracing cryptocurrency. Spanish bank BBVA launched 24/7 Bitcoin and Ether trading on its mobile platform, while France’s BPCE introduced in-app trading through a regulated subsidiary targeting millions of customers. Belgian bank KBC has also rolled out retail crypto services.

Meanwhile, a consortium of 12 leading European banks—including BNP Paribas, ING, UniCredit, and Deutsche Bank—are developing a euro-backed stablecoin designed to comply with MiCA, the EU’s crypto regulatory framework, aiming for a launch in the second half of 2026.