Italian banking giant discloses holding approximately $96 million in Bitcoin spot ETF and establishes a strategy to hedge with put options

ZkProver · 2026-02-20T14:04:40+00:00

Intesa Sanpaolo, an Italian bank, disclosed that as of December 2025, it holds approximately $96 million worth of Bitcoin spot ETFs and has large put options to hedge against the risk of its Bitcoin assets being relatively overvalued.

ZkProver

2026-02-20 14:04:40

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ChainCatcher reports that, according to CoinDesk, Italian banking giant Intesa Sanpaolo disclosed in its 13F filing for the period ending December 2025 that it holds approximately $96 million worth of Bitcoin spot ETFs, including the ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust.

At the same time, Intesa Sanpaolo also holds a large put option position targeting Strategy, which the market interprets as hedging against the overvaluation of Strategy’s stock price relative to its Bitcoin asset value (mNAV) while going long on Bitcoin ETFs.

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