Ripple has made headlines recently with its announcement to provide custody services to Intesa Sanpaolo, a prominent Italian bank. This partnership is noteworthy, especially given that Intesa had discreetly invested approximately $26 million in cryptocurrency through the Grayscale XRP Trust ETF during the same period, as revealed in their first-quarter filings.
The Growing Interest in Established Cryptocurrencies
Intesa Sanpaolo, the largest bank in Italy, significantly increased its cryptocurrency portfolio from around $100 million at the end of 2025 to approximately $235 million by March 31. This information comes from recent analyses by the Italian crypto news site Criptovaluta.it.
This increase involved strategic adjustments rather than merely upping existing positions. For the first time, the bank gained exposure to Ethereum through BlackRock’s iShares Staked Ethereum Trust. Additionally, it bolstered its Bitcoin investments through two distinct ETFs—the ARK 21Shares BTC ETF and BlackRock’s iShares Bitcoin Trust ETF. Notably, Intesa also entered the derivatives space by acquiring positions in iShares Bitcoin Trust call options.
Conversely, the bank reduced its stake in Solana, decreasing its holdings in the Bitwise Solana Staking ETF from 266,320 shares to just 2,815. This strategic exit indicates a preference for more established digital currencies over those perceived as higher risk.
Assessing Stock Activities
In addition to its crypto initiatives, Intesa has made significant moves in the equity market. The bank increased its holdings in BitGo by 165,600 shares and raised its coinbase stake from 1,500 to 10,357 shares. However, it also exited its put options on Strategy and scaled down its investment in Cantor Equity Partners II, a tokenization-focused entity.
Furthermore, Intesa divested its entire position in Bitmine. Reports suggest that the bank confirms its crypto assets are held for proprietary trading, although it remains unclear whether any of these assets are utilized in products offered to its professional clients.
As of Friday, shares of Intesa closed at 5.74 euros, reflecting a decline of 1.50% for the day and a 3.14% drop year-to-date, according to Yahoo Finance data.
Wider Trends in European Banking
Intesa’s actions are part of a broader trend observed in European banking. In Spain, BBVA has begun offering around-the-clock Bitcoin and Ethereum trading via its mobile application, becoming the first major bank in Spain to do so.
In France, BPCE has introduced in-app cryptocurrency trading through a regulated subsidiary known as Hexarq, aiming to reach 12 million customers by 2026. Similarly, KBC in Belgium has initiated retail crypto services.
On a larger scale, 12 major European banks—including BNP Paribas, ING, UniCredit, and Deutsche Bank—have joined forces to form a consortium called Qivalis. Their collective goal is to issue a euro-backed stablecoin that complies with MiCA, the European regulatory framework for cryptocurrencies, with plans to launch in the latter half of 2026.
Featured image from Intnews, chart from TradingView
