Italian Banking Giant Reveals Holding $96 Million in Bitcoin Spot ETF and Establishes Bearish Strategy with Put Options Hedge

BlockBeats News, February 17th, Italian banking giant Intesa Sanpaolo revealed in its 13F filing ending December 2025 that it holds around $96 million worth of Bitcoin spot ETF, including the ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust. At the same time, Intesa Sanpaolo also holds a large bear put options position targeting Strategy, interpreted by the market as hedging against the Strategy’s stock price being too high relative to its Bitcoin asset value (mNAV). (CoinDesk)