Intesa Sanpaolo disclosed a $96 million investment in Bitcoin spot ETFs on February 17, 2026, signaling a significant shift in European banking’s approach to cryptocurrency, according to a filing with the U.S. Securities and Exchange Commission (SEC). The Italian bank’s holdings include $72.6 million in the ARK 21Shares Bitcoin ETF (ARKB) and $23.4 million in the iShares Bitcoin Trust (IBIT) managed by BlackRock, alongside smaller positions in Coinbase, Circle, Robinhood and BitMine.
This move follows a prior, smaller foray into Bitcoin by Intesa Sanpaolo in January 2025, when the bank purchased 11 Bitcoin for approximately €1 million as an internal operational test. The scale of the current investment, revealed in the Form 13F filing, demonstrates a substantial increase in the bank’s exposure to the cryptocurrency market. The bank similarly holds $4.3 million in an ETF focused on Solana and has established a $184.6 million position in put options on Strategy, formerly MicroStrategy, a company with a substantial Bitcoin holding.
The investment by Intesa Sanpaolo is part of a broader trend among European banks towards greater involvement in the crypto space. UBS, the world’s largest wealth manager with $4.7 trillion in assets, is preparing to offer Bitcoin and Ethereum trading to select private banking clients, starting in Switzerland. Banca Sella is already operating with Hype, and Unicredit has launched certificates linked to the iShares Bitcoin Trust. These developments indicate that, in 2026, European banks are moving beyond simply observing the crypto market and are actively investing in it.
Intesa Sanpaolo’s hedging strategy, indicated by the put options on Strategy, suggests an attempt to mitigate potential downside risk associated with its Bitcoin exposure. This strategy involves protecting the bank’s bullish position in Bitcoin with a bearish bet on the stock of a company closely correlated with the cryptocurrency’s price. The SEC filing designates the investment decisions as “DFND” (Shared-Defined), indicating joint decisions between the parent group and affiliated managers.
Other Italian banks are also exploring ways to integrate cryptocurrencies into their services. Banca Generali has launched BG Conio, a collaboration with the Italian exchange Conio, allowing customers to buy and sell Bitcoin directly through their mobile banking app. Hype, an Italian electronic money institution, also allows for the direct purchase of Bitcoin. The increasing interest from Italian banks reflects a wider shift in the financial sector, as institutions grapple with growing customer demand for crypto-related products and services.
The evolving relationship between banks and cryptocurrencies, once characterized by skepticism, is now driven by customer demand and the proliferation of crypto platforms. Whereas some institutions remain cautious, the moves by Intesa Sanpaolo, UBS, and other European banks suggest a growing acceptance of digital assets within the traditional financial system.
