Italian banking giant Intesa Sanpaolo has disclosed holdings of approximately $96 million in Bitcoin spot ETFs as of December 2025, according to its 13F filing. The investments include the ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust. Additionally, Intesa Sanpaolo has taken a significant put option position against Strategy, interpreted by the market as a hedge against Strategy's stock price being overvalued relative to its Bitcoin asset value (mNAV).