Intesa Sanpaolo Reveals $96 Million Bitcoin ETF Holdings and Options Strategy
By John Nada·Feb 17, 2026·6 min read
Intesa Sanpaolo disclosed $96 million in Bitcoin ETF holdings and a significant options position, reflecting a growing institutional embrace of cryptocurrencies.
Italian banking giant Intesa Sanpaolo has disclosed $96 million in Bitcoin ETF holdings alongside a significant options position tied to Strategy shares. The bank's recent 13F filing for the quarter ending December 2025 shows it holds five spot Bitcoin ETF positions, including $72.6 million in the ARK 21Shares Bitcoin ETF and $23.4 million in the iShares Bitcoin Trust, totaling just over $96 million in exposure to Bitcoin.
This substantial investment in Bitcoin ETFs demonstrates Intesa Sanpaolo's commitment to incorporating digital assets into its portfolio. The ARK 21Shares Bitcoin ETF, a collaboration between ARK Invest and 21Shares, is designed to provide investors with exposure to Bitcoin while being regulated under traditional financial frameworks. Meanwhile, the iShares Bitcoin Trust, managed by BlackRock, is known for its significant footprint in the ETF market, attracting a wide range of institutional investors. The combined holdings in these ETFs underscore the bank's strategic approach to capitalizing on the growing interest in Bitcoin as a legitimate asset class.
In addition to its ETF investments, Intesa Sanpaolo has acquired a $4.3 million stake in the Bitwise Solana Staking ETF, which tracks the value of Solana and captures staking rewards. This move highlights the bank's willingness to diversify its digital asset exposure beyond Bitcoin, venturing into other cryptocurrencies that have shown considerable growth potential. Solana, known for its high throughput and low transaction costs, has emerged as a competitor to Ethereum, and the bank's involvement in its staking ETF reflects an understanding of the broader cryptocurrency landscape.
The bank's strategic maneuvers also include a substantial put option position on Strategy, which is the largest corporate holder of Bitcoin with approximately 714,644 BTC valued at roughly $184.6 million. This put option allows the bank to sell MSTR shares at a predetermined price, potentially profiting as the firm's stock price adjusts in relation to its Bitcoin holdings. The significance of this position lies in the bank's ability to capitalize on fluctuations in Strategy's stock price, which is linked to its Bitcoin assets. The filing indicates that the bank's option strategy could reflect a bearish outlook on Strategy, especially considering that at one point, the company's mNAV (multiple of net asset value) was trading at 2.9 and has since dropped to 1.21. This gap closing could provide an opportunity for Intesa Sanpaolo to profit as Strategy's share price aligns more closely with the intrinsic value of its Bitcoin holdings.
The filing indicates that the bank's investment decisions were made jointly with affiliated asset managers, although the specific identity of these managers remains unclear. This suggests a collaborative approach to investment strategy, where Intesa Sanpaolo exercises oversight while its subsidiaries execute trades. Such a structure is common in large financial institutions, enabling banks to leverage the expertise of various asset managers while maintaining centralized strategic control.
Interestingly, the bank's U.S. wealth management arm submitted a separate 13F with no digital asset exposure, highlighting a potential divergence in investment strategies across regions. This raises questions about the varying levels of interest in cryptocurrency investments among different divisions of the bank, suggesting that while Intesa Sanpaolo is becoming increasingly involved in the digital asset space, its U.S. operations may be taking a more cautious approach. The stark contrast between the two filings illustrates the complexities within the institution as it navigates the evolving landscape of cryptocurrency.
The implications of Intesa Sanpaolo's strategic investments are significant. As institutional players like Intesa increasingly engage with Bitcoin ETFs and options, it reflects a broader acceptance of cryptocurrencies within traditional financial frameworks. The bank's positioning could influence market dynamics, particularly regarding the valuation of related equities like Strategy, as well as the overall liquidity and trading strategies in the crypto market. This trend underscores the evolving relationship between traditional banking and digital assets, suggesting that more institutions may follow suit in diversifying their portfolios with cryptocurrency exposure.
Moreover, the move to incorporate Bitcoin and other cryptocurrencies aligns with a growing trend among financial institutions recognizing the potential of digital assets as a hedge against inflation and market volatility. With Bitcoin's established reputation as 'digital gold,' Intesa Sanpaolo's investment strategy could encourage other banks to reconsider their asset allocations and embrace cryptocurrencies as part of a balanced investment portfolio. This development could lead to a broader institutional adoption of digital currencies, further legitimizing their role in the financial ecosystem.
In a landscape where digital assets are becoming integral to institutional investment strategies, Intesa Sanpaolo's moves may pave the way for greater acceptance and integration of cryptocurrencies into mainstream finance. The bank's approach not only highlights the financial system's ongoing evolution but also raises questions about how traditional banks will adapt to the growing demand for digital asset products and services. As financial institutions navigate these changes, the interplay between cryptocurrency valuations and traditional stock prices will likely become a focal point for investors and analysts alike.
The growing engagement of banks like Intesa Sanpaolo with cryptocurrencies reinforces the notion that digital assets are no longer fringe investments but are becoming mainstream components of financial portfolios. As more institutions explore opportunities within the crypto space, it is likely that we will see further innovations in financial products tailored to meet the needs of investors seeking exposure to this burgeoning market.
The bank's involvement in crypto-linked companies such as Coinbase, Robinhood, BitMine, and ETHZilla, with minor equity stakes, illustrates its commitment to diversifying its digital asset investments. The largest position among these is approximately $4.4 million on Circle, a company known for its stablecoin, USD Coin (USDC). This diversification strategy indicates that Intesa Sanpaolo is not solely focused on Bitcoin but is also recognizing the potential of various blockchain projects and related services.
As the cryptocurrency market continues to evolve, Intesa Sanpaolo's proactive approach to digital assets may inspire other financial institutions to follow suit. The integration of cryptocurrencies into traditional banking practices could ultimately reshape the investment landscape, fostering a more inclusive and innovative financial environment. The bank's ongoing investments and strategic decisions may serve as a model for other banks looking to navigate the complexities of the digital asset market, further bridging the gap between traditional finance and the emerging world of cryptocurrencies.