Key Takeaways:
- Intesa Sanpaolo disclosed an $18 million XRP position through Grayscale's XRP Trust
- The trust structure lets banks gain crypto exposure without direct custody
- The move signals growing institutional XRP adoption by European banks
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Intesa Sanpaolo buys $18M in XRP via Grayscale trust as banks pile in
Italy's largest bank disclosed an $18 million XRP position through Grayscale's trust, revealing how traditional lenders are gaining crypto exposure without holding digital assets directly.
Intesa Sanpaolo, Italy's largest bank by assets, disclosed an $18 million XRP position held through Grayscale's XRP Trust, bypassing direct wallet custody or spot exchange-traded funds. The exposure runs through Grayscale's trust structure, which buys and holds the underlying XRP tokens on behalf of investors, according to the bank's disclosure filed July 10.
The $18 million allocation represents a bet on XRP, the fifth-largest cryptocurrency by market capitalization, through a regulated vehicle that avoids the operational complexity of self-custody. Grayscale's XRP Trust charges a 2.5% annual management fee, according to the firm's published fee schedule.
The disclosure signals that European banks are moving beyond exploratory crypto allocations into meaningful positions, potentially accelerating demand for regulated exposure vehicles such as Grayscale trusts and the pending XRP-spot ETFs.
How Banks Access Crypto Without Holding Keys
The Intesa Sanpaolo disclosure highlights a structural shift in how traditional financial institutions access digital assets. Rather than setting up crypto custody operations or trading on exchanges, banks are using trust vehicles that handle the underlying blockchain plumbing.
Grayscale's trust structure issues shares backed by physical XRP tokens held with Coinbase Custody. This allows institutions to gain price exposure without managing private keys, navigating blockchain transaction fees, or dealing with exchange counterparty risk. The approach mirrors how Intesa Sanpaolo and other European banks have accessed Bitcoin exposure through similar vehicles.
The bank's move comes as XRP-spot ETF applications from Grayscale, 21Shares, and Bitwise remain pending before the Securities and Exchange Commission, with final decision deadlines delayed by the ongoing US government shutdown.
Institutional Demand for XRP Builds
The $18 million allocation is small relative to Intesa Sanpaolo's roughly $1 trillion in total assets, but the signal value is significant. It marks the first disclosed XRP position by a major European bank through a regulated trust vehicle.
The disclosure follows Evernorth Holdings' October announcement of plans to raise over $1 billion to build an institutional XRP treasury reserve, a deal backed by Ripple, SBI, Pantera Capital, and Kraken. That announcement sent XRP to a high of $2.55 on Oct. 20, according to CoinGecko.
XRP traded at $2.50 as of July 10, down from its all-time high of $3.66 set in January 2018. The token has gained 18% year-to-date, supported by growing institutional interest and the passage of the GENIUS Act in July 2025, which established a federal framework for digital asset regulation in the US.
The coming months will show whether other European banks follow Intesa Sanpaolo's lead, and whether the SEC approves the pending XRP-spot ETF applications — a development that could open the door to broader institutional participation.
This article is for informational purposes only and does not constitute investment advice.
[1] Intesa Sanpaolo bought XRP through a trust. How banks actually hold crypto[2] Coinbase and Grayscale Executives Step Down After Major Crypto Wins[3] XRP News Today: Treasury Reserve Plans Fuel XRP Gains, ETF Hopes Build[4] Over 15 Banks Race to Tokenize Finance, and It Could Affect Bitcoin[5] Italy's largest bank reveals $18M XRP stake via Grayscale trust, showing banks' cautious crypto approach. - Pluang
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