Intesa Sanpaolo crypto exposure jumped sharply in the first quarter of 2026, giving fresh weight to the idea that major banks are still finding new ways to build positions in digital assets through fund and trust structures. Italy’s largest bank lifted its crypto-related assets to about $235 million in Q1 2026, up from approximately $100 million in Q4 2025.

That is a big move in a single quarter. However, it was not just a matter of adding more crypto risk overall. The bank also changed the mix, increasing its Bitcoin holdings, adding Ethereum exposure for the first time, opening a new XRP-linked position, and cutting back on Solana.

The details matter because they point to a clear shift in institutional allocation rather than a…