Italian banking giant reveals holdings of approximately $96 million in Bitcoin spot ETF and establishes a Strategy bearish options hedge

BTC-2,31%

BlockBeats News, February 17 — Italian banking giant Intesa Sanpaolo revealed in its 13F filing for the period ending December 2025 that it holds approximately $96 million worth of Bitcoin spot ETFs, including the ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust. Additionally, Intesa Sanpaolo holds a large put option position targeting Strategy, which the market interprets as hedging against the overvaluation of Strategy’s stock price relative to its Bitcoin asset value (mNAV) while being long Bitcoin ETFs. (CoinDesk)

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Flying_BTCvip
· 02-17 13:23
This is not simply a bullish Bitcoin position. Holding a spot Bitcoin ETF ≠ "long-term faith-based holding." For institutions, an ETF is essentially a risk and exposure management tool. The real key lies in: Large-scale put option positions on the Strategy. Strategy is more like a highly leveraged BTC proxy asset, and it often exhibits deviations in mNAV (market value / net asset value). This makes it a typical relative value trading target. A more reasonable interpretation is: → Relative value / arbitrage structure → Gaining BTC exposure through ETF → Achieving downside convexity via Strategy Put → Possibly a mNAV compression trade This is more like a risk-adjusted strategic allocation, rather than a simple bullish logic on BTC. Institutions usually trade on price structural distortions, not market narratives.
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