In a striking move that underscores the evolving landscape of cryptocurrency, Intesa Sanpaolo, Italy's largest banking institution, has more than doubled its crypto portfolio, soaring from $100 million to a staggering $235 million in just the first quarter of 2026. The bank’s ambitious strategy includes significant new investments in Bitcoin and Ethereum while reducing exposure to Solana.
Intesa Sanpaolo Reinforces Crypto Strategy
By March 31, 2026, Intesa Sanpaolo's holdings were bolstered through increased positions in both the ARK 21Shares Bitcoin ETF and BlackRock’s iShares Bitcoin Trust ETF. Additionally, in a notable first, the bank ventured into Ethereum via BlackRock’s iShares Staked Ethereum Trust and acquired approximately $26 million in Ripple’s XRP through the Grayscale XRP Trust ETF. This diversification exemplifies the bank's strategic pivot to engage more deeply with digital assets. Notably, while it expanded its footprint in Bitcoin and Ethereum, it drastically reduced its stake in Solana, divesting from 266,320 shares in the Bitwise Solana Staking ETF down to a mere 2,817 shares.
Strategy Eyes Convertible Debt Buyback
Meanwhile, Strategy, a leading figure in Bitcoin treasury management, announced plans to repurchase $1.5 billion in convertible notes maturing in 2029. Following negotiations that commenced on Thursday, the buyback is anticipated to substantially bolster Strategy’s financial position and reflects a growing investor confidence. The company announced it expects to utilize available cash reserves and proceeds from its securities sales to fund this initiative.
THORChain Responds to Major Security Breach
On a challenging note for the crypto sector, THORChain has confirmed a security breach that resulted in a loss of $10 million. In response, the platform has launched a recovery portal aimed at assisting affected users. This self-custodial initiative allows users to revoke malicious token approvals and submit claims for potential reimbursements backed by a reservoir of funds from the platform’s treasury.
The attack, which occurred on May 11, led to the unauthorized extraction of approximately 36.75 BTC and around $7 million in various tokens across multiple chains, impacting over 12,000 wallets. As part of its recovery strategy, THORChain is allowing users a 21-day window to file claims, with the cutoff set for June 4.
As these developments unfold, they highlight both the immense potential and the inherent risks within the cryptocurrency market, underlining the urgency for robust security measures amid growing mainstream adoption.
Source: Cointelegraph