Italy's largest bank expands crypto portfolio, adds XRP ETF

Italy's largest banking group, Intesa Sanpaolo, expanded its cryptocurrency portfolio from $100 million to $235 million between the end of last year and the first quarter of this year, PA News reported. Key adjustments to its portfolio include: - An increased stake in BlackRock's spot Bitcoin ETF. - A larger position in BlackRock's Ethereum staking ETF. - The sale of most of its holdings in the Bitwise Solana staking ETF. - A first-time purchase and increased allocation to Grayscale's spot XRP ETF. The media outlet noted that Intesa Sanpaolo's strategy favors regulated trust products over direct cryptocurrency purchases. It added that the conclusion of XRP's legal dispute with the U.S. SEC and a clearer regulatory environment were key factors in lowering the barrier to institutional entry for the asset.