Italian banking giant Intesa Sanpaolo discloses near $100 million bitcoin ETF holdings, along with Strategy hedge
Intesa Sanpaolo disclosed $96 million in spot Bitcoin ETFs and a large put option on Strategy shares.Summary
Italian banking giant Intesa Sanpaolo disclosed holdings of just over $96 million in spot Bitcoin ETFs in a Q4 2025 13F filing, primarily split between the ARK 21Shares Bitcoin ETF ($72.6 million) and the iShares Bitcoin Trust ($23.4 million). Additionally, the bank reported a $4.3 million stake in the Bitwise Solana Staking ETF. Crucially, the filing revealed a substantial put option position on Strategy shares, the largest corporate holder of Bitcoin. This options strategy, combined with the long Bitcoin ETF position, suggests a trade aiming to profit if Strategy's stock price falls closer to the value of its underlying BTC holdings (mNAV). The filing also noted minor equity stakes in crypto-related firms like Coinbase and Robinhood. The investments were made under the "DFND" designation, indicating joint decision-making between Intesa Sanpaolo S.p.A. and affiliated asset managers.
(Source：CoinDesk)