Intesa Sanpaolo unveils $96M Bitcoin ETF bet and hedge
6.7 Investments Intesa Sanpaolo revealed $96M in spot Bitcoin ETF holdings and a $184.6M put option on Strategy, signaling a shift to assertive, hedged crypto investment strategies.
Intesa Sanpaolo, a leading Italian bank, has notably increased its exposure to digital assets, reporting nearly $96 million in spot Bitcoin ETF holdings by the end of 2025, according to recent SEC filings. The bank's largest positions include $72.6 million in the ARK 21Shares Bitcoin ETF and $23.4 million in the iShares Bitcoin Trust, offering direct exposure to Bitcoin price movements on regulated U.S. markets. Intesa Sanpaolo also invested $4.3 million in the Bitwise Solana Staking ETF, diversifying its crypto portfolio. To manage risk, the bank acquired $184.6 million in put options on Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder. This sophisticated hedging strategy enables the bank to capture potential gains from Bitcoin while protecting against downturns in related equities, marking a shift from previous small-scale crypto investments to a more assertive, structured institutional approach.
