Intesa Sanpaolo Lifts Bitcoin-Linked Exposure Above $200M In Q1

Intesa Sanpaolo increased its Bitcoin-linked securities exposure in the first quarter, with its latest U.S. 13F filing showing larger holdings in spot Bitcoin ETF products and a major call-option position tied to BlackRock’s iShares Bitcoin Trust.

The Italian banking group listed an $81.17 million position in the ARK 21Shares Bitcoin ETF, up from $72.6 million at the end of the previous quarter. Its iShares Bitcoin Trust ETF share position also rose to $24.85 million from $23.44 million. Smaller positions in Grayscale Bitcoin Trust ETF, Grayscale Bitcoin Mini Trust and Bitwise Bitcoin ETF Trust brought its quarter-end spot Bitcoin ETF and trust holdings to about $106.1 million.

That direct ETF and trust total was up from roughly $96.1 million in the previous quarter’s amended 13F. The bigger shift came from a $95.9 million call-option position on iShares Bitcoin Trust. Including the ordinary ETF and trust shares, Intesa’s Bitcoin-linked exposure reached about $202 million at quarter-end.

The call option is not the same as holding Bitcoin or ETF shares directly. It is an options position linked to IBIT, which can increase upside sensitivity but also depends on contract terms, timing and market pricing. That distinction matters because the 13F captures listed U.S. securities exposure, not a full picture of any direct crypto custody activity or internal trading-book positions.

Bank Adds ETH And XRP While Cutting Solana

Intesa’s crypto-linked basket also expanded beyond Bitcoin. The Q1 filing listed a $3.15 million position in BlackRock’s iShares Staked Ethereum Trust ETF, a product designed to reflect ether price performance and staking rewards from part of the trust’s ether.

The bank also disclosed an $18.53 million position in the Grayscale XRP Trust ETF, giving it listed exposure to XRP through a traditional brokerage-style wrapper. Smaller crypto-adjacent equity positions included Circle Internet Group at $2.33 million, Coinbase Global at $1.83 million and BitGo Holdings at $1.36 million.

Solana exposure moved the other way. Intesa’s Bitwise Solana Staking ETF position fell sharply from $4.36 million at the end of 2025 to just $31,128 by March 31. The rotation points to a more selective crypto allocation, with Bitcoin-linked exposure and a new XRP position taking priority over Solana during the quarter.

The timing lands during a volatile stretch for institutional ETF demand. U.S. spot Bitcoin ETFs recently saw their largest daily outflow since January, while another recent filing showed Abu Dhabi’s Mubadala holding more than $565 million in BlackRock’s Bitcoin ETF. Those disclosures show that large allocators are still using regulated wrappers for Bitcoin exposure, even as short-term ETF flows turn uneven.

Regulated Crypto Exposure Keeps Moving Into Bank Portfolios

Intesa’s latest filing builds on an earlier step into direct Bitcoin exposure. In January 2025, the bank completed a €1 million proprietary Bitcoin trade and held 11 BTC, making the purchase a small but symbolically important test for Italy’s largest bank.

The new 13F data shows a different route. Rather than relying only on spot BTC, the bank is using regulated securities, ETF shares, trust products and options to manage crypto-linked exposure inside traditional market infrastructure. That structure gives banks cleaner custody, reporting and execution paths, while leaving the underlying crypto assets inside issuer-controlled ETF or trust frameworks.

Intesa’s wider balance sheet makes the position modest in size but notable in direction. The bank reported €2.8 billion in first-quarter net income and more than €1.4 trillion in customer financial assets at the end of March. Against that base, a $202 million Bitcoin-linked securities position is not transformational, but it is no longer just a token experiment.

The quarter-end filing leaves a clear allocation map: about $106.1 million in Bitcoin ETF and trust shares, $95.9 million in an IBIT call option, $18.5 million in Grayscale XRP Trust ETF, $3.15 million in iShares Staked Ethereum Trust ETF and a near-exited Solana ETF position. For bank-linked crypto exposure, the center of gravity remains Bitcoin, regulated wrappers and liquid listed products rather than broad altcoin risk.

The post Intesa Sanpaolo Lifts Bitcoin-Linked Exposure Above $200M In Q1 appeared first on Crypto Adventure.