Italian banking large Intesa Sanpaolo disclosed $96 million in bitcoin ETF holdings and a considerable choices place tied to Technique shares, together with smaller crypto-linked publicity.
In a 13F submitting for the quarter ending December 2025, the financial institution lists 5 spot bitcoin ETF positions, together with $72.6 million within the ARK 21Shares Bitcoin ETF and $23.4 million within the iShares Bitcoin Belief, for a complete publicity of simply over $96 million.
It additionally features a $4.3 million stake within the Bitwise Solana Staking ETF, which tracks the worth of solana and captures staking rewards.
The financial institution additionally posted a big put possibility place on Technique, the biggest company holder of bitcoin with 714,644 BTC on its stability sheet, valued at roughly $184.6 million.
That put possibility provides the agency the chance, however not the duty, to promote MSTR shares at a particular value sooner or later. The place, coupled with the directionally lengthy place on bitcoin ETFs, might replicate a commerce capitalizing on the corporate buying and selling above the worth of its BTC holdings, as measured by the a number of of internet asset worth (mNAV), which compares enterprise worth to bitcoin worth.
Technique was buying and selling at 2.9 mNAV at one level and is now at 1.21 mNAV, in line with its web site. That hole closing would see the place make a revenue because the inventory value falls again to the extent of its bitcoin holdings.
The submitting additionally reveals fairness stakes in crypto-linked corporations, together with Coinbase, Robinhood, BitMine, and ETHZilla. These are minor positions, with the biggest one in all round $4.4 million being on Circle.
The submitting makes use of the “DFND” (Shared-Outlined) designation, indicating that funding choices have been made collectively by Intesa Sanpaolo S.p.A. and affiliated asset managers. Whether or not these asset managers are Intesa’s personal buying and selling desk or institutional shoppers stays unclear.
This construction is frequent when the mum or dad financial institution workouts oversight or centralized technique whereas subsidiaries execute trades. CoinDesk has reached out to Intesa Sanapolo for remark however hasn’t heard again on the time of writing.
The financial institution’s U.S. wealth administration arm filed a separate 13F with no digital asset publicity.
Early final 12 months, Intesa Sanapolo purchased 11 bitcoin for over $1 million. The agency has had a proprietary buying and selling desk in place for years, which additionally handles cryptocurrency buying and selling.
