Italian banking giant Intesa Sanpaolo has disclosed significant exposure to digital assets through U.S. regulatory filings, marking a substantial escalation from its previously described experimental phase. According to a 13F filing for the quarter ending December 2025, the bank held approximately $96 million in spot Bitcoin ETF positions. The bulk of this exposure, $72.6 million, is in the ARK 21Shares Bitcoin ETF, with an additional $23.4 million in the iShares Bitcoin Trust (IBIT).
More notably, the filing reveals a $184.6 million put option position on Strategy (MSTR), the largest corporate holder of Bitcoin. This structured hedge, coupled with the long Bitcoin ETF exposure, is interpreted by market observers as a sophisticated "basis trade." The strategy capitalizes on the potential gap between Strategy's stock price and the value of its underlying Bitcoin holdings, measured by the multiple of net asset value (mNAV). As Strategy's mNAV has compressed from 2.9 to 1.21, the bank's position would profit if the stock price declines toward the value of its Bitcoin, thereby hedging its direct crypto exposure.
The bank's digital asset portfolio extends beyond Bitcoin. It also includes a $4.3 million stake in the Bitwise Solana Staking ETF (BSOL), which tracks Solana's price and captures staking rewards, indicating an interest in yield-generating blockchain products. Furthermore, the filing shows equity stakes in crypto-linked companies, with the largest being a $4.4 million position in Circle, alongside smaller exposures to Coinbase and Robinhood.
The filing uses a "Shared-Defined" (DFND) designation, indicating that investment decisions were made jointly by Intesa Sanpaolo S.p.A. and affiliated asset managers, a structure typical for institutional-scale allocations. This move represents a clear strategic shift; in early 2025, CEO Carlo Messina described a €1 million Bitcoin purchase as merely a test. The bank's U.S. wealth management arm filed a separate 13F with no digital asset exposure.
