Italian banking giant discloses holding approximately $96 million in Bitcoin spot ETF and establishes strategy for put option hedging

Italian banking giant Intesa Sanpaolo disclosed in its 13F filing for the period ending December 2025 that it holds approximately $96 million in Bitcoin spot ETFs, including the ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust. At the same time, Intesa Sanpaolo also holds a large put option position against Strategy, which the market interprets as a hedge against the Strategy stock price being too high relative to its Bitcoin asset value (mNAV) while being long on Bitcoin ETFs.