Italian banking giant Intesa Sanpaolo has disclosed significant exposure to digital assets, revealing over $96 million in Bitcoin ETF holdings and a substantial options position on MicroStrategy. The disclosures were made in a 13F filing for the quarter ending December 2025.
Intesa Sanpaolo's Bitcoin ETF holdings are spread across five spot ETFs, including $72.6 million in the ARK 21Shares Bitcoin ETF and $23.4 million in the iShares Bitcoin Trust. The bank also reported a $4.3 million stake in the Bitwise Solana Staking ETF.
Furthermore, the bank holds a large put option position on MicroStrategy, the largest corporate holder of Bitcoin. This strategy, coupled with its long Bitcoin ETF positions, suggests a potential play to capitalize on MicroStrategy trading at a premium to its Bitcoin holdings. The filing also noted minor equity stakes in crypto-related firms, including Coinbase and Circle.
The filing utilized the "DFND" designation, indicating joint investment decisions by Intesa Sanpaolo and affiliated asset managers. Intesa Sanpaolo's U.S. wealth management arm reported no digital asset exposure in a separate filing.