Italian banking heavyweight Intesa Sanpaolo has significantly expanded its exposure to digital assets, according to its February 17, 2026 Form 13F filing with the U.S. Securities and Exchange Commission.
Key Takeaways
Intesa Sanpaolo increased its spot Bitcoin ETF exposure to $96 million by the end of 2025.
The bank holds positions in ARKB and IBIT, alongside a large hedge via MicroStrategy put options.
Smaller allocations include a Solana staking ETF and equity in Circle.
The move reflects a broader trend of European banks integrating regulated crypto products into client portfolios.
As of December 31, 2025, the lender held approximately $96 million in spot Bitcoin ETFs - a dramatic increase from the roughly $1 million “test” allocation disclosed earlier in 2025. The move marks one of the clearest signals yet that major European banks are growing more comfortable with regulated crypto instruments.
Bitcoin ETFs Lead the Allocation
The bulk of Intesa’s digital asset exposure is concentrated in spot Bitcoin ETFs listed in the United States.
The filing shows $72.6 million invested in the ARK 21Shares Bitcoin ETF and another $23.4 million in the iShares Bitcoin Trust. Together, these positions account for the full $96 million in spot Bitcoin ETF holdings.
Compared to the symbolic 11 BTC exposure reported earlier in the year, the scale-up suggests that digital assets are moving from experimental allocation to structured portfolio component within the bank’s broader investment framework.
Hedging via MicroStrategy Put Options
Beyond ETFs, Intesa disclosed a substantial $184 million position in put options tied to MicroStrategy stock.
The strategy appears designed to hedge volatility related to MicroStrategy’s Bitcoin-heavy balance sheet. Given that MSTR often trades at a premium or discount to its Bitcoin net asset value, these derivatives may serve as a tactical positioning tool relative to Bitcoin’s market movements.
This indicates a more sophisticated approach than simple ETF exposure - blending direct crypto-linked products with equity derivatives tied to corporate Bitcoin proxies.
Exposure to Solana and Stablecoins
The filing also reveals smaller but notable allocations outside Bitcoin.
Intesa holds approximately $4.3 million in the Bitwise Solana Staking ETF, giving it exposure to staking-based yield strategies tied to the Solana ecosystem.
In addition, the bank owns about $4.4 million in shares of Circle, the issuer behind the USDC stablecoin - signaling interest not only in volatile assets but also in the infrastructure layer of digital finance.
Client Assets or Proprietary Bet?
As a 13F disclosure, the reported holdings most likely represent assets managed on behalf of discretionary wealth management clients rather than the bank’s proprietary balance sheet. However, the institution retains active buy-and-sell authority over these positions, meaning the strategic direction still reflects internal conviction.
The expansion aligns with Intesa’s 2026–2029 business roadmap, which emphasizes a more technology-driven and fee-based revenue model. The bank has explicitly highlighted the scaling of its digital asset platform within its IMI Corporate & Investment Banking division.
Part of a Broader European Shift
Intesa’s disclosure follows similar moves by BNP Paribas in 2025, reinforcing a wider institutional trend across Europe.
For years, large European banks remained cautious about direct crypto exposure. The steady adoption of regulated spot ETFs and structured products now suggests Bitcoin is increasingly viewed as a legitimate portfolio component rather than a speculative fringe asset.
With nearly $100 million in direct ETF exposure and additional derivative and ecosystem-linked positions, Intesa Sanpaolo’s filing may represent a turning point - not just for the bank, but for institutional crypto adoption across Europe.