Intesa Sanpaolo Reveals $96 Million Bitcoin ETF Holdings and Strategy Hedge

TLDR

• Intesa Sanpaolo revealed $100 million in Bitcoin ETF holdings, including $72.6 million in the ARK 21Shares Bitcoin ETF.
• The bank also disclosed a $4.3 million stake in the Bitwise Solana Staking ETF, expanding its crypto exposure.
• Intesa Sanpaolo holds a significant put option position on Strategy, the largest corporate Bitcoin holder.
• The bank’s filing shows minor equity investments in crypto-linked companies like Coinbase and Circle.
• The 13F filing indicates joint investment decisions between Intesa Sanpaolo and affiliated asset managers.

Intesa Sanpaolo, an Italian banking giant, has revealed a large exposure to bitcoin and cryptocurrency-related assets. The bank’s recent 13F filing for the quarter ending December 2025 highlights over $100 million in Bitcoin ETFs. It also includes substantial positions tied to Strategy, the largest corporate holder of Bitcoin.

Bitcoin ETF Holdings Reach $96 Million

The filing lists multiple Bitcoin ETF holdings, amounting to approximately $96 million in total exposure. The largest position is a $72.6 million stake in the ARK 21Shares Bitcoin ETF, with an additional $23.4 million in the iShares Bitcoin Trust. Together, these positions bring the bank’s total exposure to Bitcoin ETFs to over $96 million.

In addition to bitcoin, Intesa Sanpaolo has invested in the Bitwise Solana Staking ETF, which holds a $4.3 million stake. The ETF tracks the price of Solana (SOL) and generates staking rewards, further broadening the bank’s cryptocurrency investments.

Intesa Sanpaolo’s Strategy Hedge Involves Large Put Option Position

The filing also reveals a large put option position linked to Strategy. Strategy is the biggest corporate holder of bitcoin, with 714,644 BTC on its balance sheet, valued at approximately $184.6 million. The put option allows Intesa Sanpaolo to sell MSTR shares at a predetermined price, which could prove profitable if the stock price declines.

This move suggests a hedge strategy where Intesa is positioning itself to capitalize on any potential drop in Strategy’s stock. Strategy was trading at 2.9 mNAV (multiple of net asset value) at one point, and now it stands at 1.21 mNAV. The closing of this gap would likely result in gains for Intesa’s position.

Minor Crypto-linked Equity Positions

In the same filing, Intesa Sanpaolo disclosed smaller equity stakes in several crypto-related companies. These include positions in Coinbase, Robinhood, BitMine, and ETHZilla, with the largest investment being a $4.4 million stake in Circle. These minor investments diversify the bank’s exposure to the digital asset market, further indicating its growing interest in cryptocurrency.

The filing carries the “DFND” (Shared-Defined) designation, showing that investment decisions were made jointly by Intesa Sanpaolo and affiliated asset managers. However, it remains unclear whether these managers are part of Intesa’s own trading desk or institutional clients.

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