A major revelation has been made by Italy's banking behemoth, Intesa Sanpaolo, as they disclosed their substantial holdings in the world of cryptocurrencies. The bank's portfolio includes a near $100 million investment in Bitcoin ETFs, along with a strategic hedge. But here's where it gets controversial... they also hold a large put option on a company called Strategy, which is a major player in the Bitcoin space.
On February 17, 2026, Intesa Sanpaolo made a 13F filing, revealing their Bitcoin ETF investments totaling $96 million. This includes positions in the ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust. But it doesn't stop there; the bank also has a stake in the Bitwise Solana Staking ETF, which tracks the value of Solana cryptocurrency.
The intriguing part is their put option on Strategy, a company with a massive Bitcoin holding of 714,644 BTC. This option gives Intesa Sanpaolo the potential to profit if Strategy's stock price falls back to the level of its Bitcoin holdings.
And this is the part most people miss: the bank's investment strategy could be a clever play on the multiple of net asset value (mNAV), which compares a company's enterprise value to its Bitcoin holdings. Strategy's mNAV has fluctuated, and Intesa Sanpaolo's put option could be a bet on this metric.
The filing also shows Intesa Sanpaolo's interest in crypto-linked companies like Coinbase and Robinhood, with smaller stakes in BitMine and ETHZilla. The bank's investment decisions are a shared responsibility between Intesa Sanpaolo S.p.A. and affiliated asset managers, but the exact nature of these relationships remains unclear.
Intesa Sanpaolo's U.S. wealth management arm, however, has no digital asset exposure, as per their separate 13F filing. This contrast in investment strategies is an interesting point for discussion.
In early 2025, Intesa Sanpaolo made headlines by purchasing 11 Bitcoins for over $1 million, showcasing their commitment to the cryptocurrency market.
So, what do you think? Is Intesa Sanpaolo's strategy a bold move or a risky gamble? Feel free to share your thoughts in the comments below!
