- Intensa Sanpaolo reveals $96 million in Bitcoin ETF holdings.
- The bank also holds a major put option tied to Strategy.
- Smaller investments include stakes in crypto firms and a $4.3 million position in a Solana-linked ETF.
Italy’s largest bank, Intesa Sanpaolo, has revealed a remarkable bet on crypto-linked investments, disclosing $96 million in spot Bitcoin ETF holdings. According to the latest regulatory filing, the exposure includes major U.S.-listed products such as the $ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust. This indicates that the traditional European financial platforms are increasingly exploring opportunities in crypto investments.
In addition to ETF holdings, the bank also reported a notable put option tied to Strategy, the largest corporate holder of Bitcoin. The structure of the trade suggests that the bank has embraced a more nuanced strategy.
Italian Bank Reveals Bitcoin ETF Bet
Intesa Sanpaolo, the largest Italian financial institution, has announced its significant crypto-related holdings via its latest 13F filing. The bank reportedly holds about $96 million worth of investments in Bitcoin ETFs, along with an options position linked to Michael Saylor’s Strategy (formerly MicroStrategy).
The filing stated that the bank reported investments across five spot Bitcoin ETFs. The biggest portion among these funds includes the $ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust. While the institution has about $72.6 million in the ARKB, it holds about $23.4 million in IBIT. This brings its total ETF holdings to over $96 million.
Besides these holdings, the bank also explored crypto staking via the Bitwise Solana Staking ETF. It holds an investment of about $4.3 million in the Solana staking fund.
Intesa Sanpaolo’s Put Option Position on Strategy
At the same time, the financial giant has also taken a large put option position on Strategy, which is known as the biggest corporate holder of $BTC. The company holds 714,644 $BTC in its balance sheet, valued at roughly $184.6 million.
This put option gives the bank the right, but not the obligation, to sell Strategy shares at a fixed price in the future. Along with its investments in Bitcoin ETFs, this could be a tactic to benefit if the company’s stock price is currently higher than the actual value of Bitcoin it holds.
Previously, Strategy was trading at about 2.9 times the value of its Bitcoin holdings, but that has now dipped to around 1.21. If this gap continues to shrink and the stock price moves closer to the value of its $BTC holdings, the bank’s position could make a profit.
Unveiling the Banking Giant’s Small Stakes
Along with its ETF and options exposure, Intesa Sanpaolo is also quietly building smaller positions across the broader crypto ecosystem. These include limited equity stakes in firms such as Coinbase, Robinhood, BitMine, and ETHZilla. This shows the platform’s effort to gain indirect exposure to the industry beyond just Bitcoin-focused products. The bank’s biggest holding among these is a roughly $4.4 million investment in Circle, the stable giant that issues USDC.
In essence, Intesa Sanpaolo’s latest filing highlights a careful but growing interest in the crypto space through indirect and diversified exposure. By combining Bitcoin ETF investments, options positions, and smaller crypto stakes, the bank appears to be testing the market while managing risk.
