PANews reported on February 17 that Italian banking giant Intesa Sanpaolo disclosed in its 13F filing as of December 2025 that it holds approximately $96 million in Bitcoin spot ETFs, including the ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust.

Meanwhile, Intesa Sanpaolo also holds a large put option position against Strategy, which is interpreted by the market as hedging against the overvaluation of Strategy's stock price relative to its Bitcoin asset value (mNAV) while going long on the Bitcoin ETF.