Intesa Sanpaolo Disclosed $96 Million in Spot Bitcoin ETFs and a $184.6 Million Put on MicroStrategy
Intesa Sanpaolo disclosed roughly $96 million in spot Bitcoin exchange-traded funds in its U.S. Form 13F for Q4 2025, a meaningful allocation to regulated crypto products by Italy’s largest bank. The filing signals that a major European bank is using mainstream market infrastructure to express crypto exposure rather than building a bespoke on-chain stack.