Italian banking giant Intesa Sanpaolo has revealed holdings of nearly $100 million in bitcoin exchange-traded funds through a recent regulatory filing. The disclosure also includes a significant put option position on Strategy shares and smaller stakes in crypto-related companies. This marks a notable expansion in the bank's cryptocurrency exposure.
In a 13F filing covering the quarter ending December 2025, Intesa Sanpaolo reported $96 million in spot bitcoin ETF positions. The largest allocation is $72.6 million to the ARK 21Shares Bitcoin ETF, followed by $23.4 million in the iShares Bitcoin Trust. Additionally, the bank holds $4.3 million in the Bitwise Solana Staking ETF, which tracks solana (SOL) and includes staking rewards.
The filing highlights a large put option position on Strategy, the largest corporate holder of bitcoin with 714,644 BTC valued at approximately $184.6 million on its balance sheet. This option provides the right, but not the obligation, to sell Strategy shares at a predetermined price. The position aligns with a long stance on bitcoin ETFs and may aim to profit if Strategy's stock price, which once traded at 2.9 times its net asset value multiple (mNAV) compared to bitcoin holdings, reverts closer to its current 1.21 mNAV.
Intesa Sanpaolo also maintains minor equity stakes in crypto-linked firms, including Coinbase, Robinhood, BitMine, and ETHZilla. The most substantial among these is a $4.4 million position in Circle.
The filing employs the 'DFND' (Share-Defined) designation, indicating joint investment decisions by Intesa Sanpaolo S.p.A. and its affiliates, though details on the executing entities remain unclear. This setup is typical for banks overseeing strategies while subsidiaries handle trades.
Historically, the bank purchased 11 bitcoin for over $1 million early last year and operates a proprietary trading desk that includes cryptocurrency activities. Its U.S. wealth management arm submitted a separate 13F showing no digital asset exposure. CoinDesk sought comment from Intesa Sanpaolo but received no response at the time of publication.
