As Bitcoin (BTC) adoption continues to grow, the latest news comes from Italy.
According to Coindesk, Intesa Sanpaolo, Italy’s largest bank, announced that it holds $96 million in spot Bitcoin ETFs.
Accordingly, in its 13F filing for the quarter ending December 2025, the bank disclosed that it holds a $96 million spot Bitcoin ETF and a Strategy (MSTR) put option.
The notification stated that there are a total of five spot bitcoin ETF positions, with a total risk exposure of slightly over $96 million: $72.6 million in the ARK 21Shares Bitcoin ETF and $23.4 million in the iShares Bitcoin Trust.
The bank’s other cryptocurrency-related assets include a $4.3 million Solana (SOL) staking ETF and $4.4 million worth of Circle shares.
The bank also holds a large put option position worth approximately $184.6 million against Strategy, the largest institutional Bitcoin holder with 714,644 BTC on its balance sheet.
This short position was interpreted as a hedge against Strategy’s stock price becoming overvalued relative to Bitcoin’s asset value (mNAV).
*This is not investment advice.
