Intesa Sanpaolo reveals ~$96M in spot bitcoin ETFs and a large MicroStrategy put hedge
Intesa Sanpaolo disclosed roughly $96 million in spot bitcoin ETF positions and a material put option on MicroStrategy (MSTR), indicating a paired strategy: long ETF exposure with a directional hedge against MSTR’s equity valuation. The filing lists the ETF exposure as split between ARK 21Shares and iShares Bitcoin Trust, plus a small position in a Solana staking product, showing both spot and staking-facing plays. The recorded put option tied to MicroStrategy appears sized to profit if the stock converges down toward its bitcoin net asset value multiple, a market structure often measured as mNAV. Intesa used the DFND designation, signaling that investment authority was shared with affiliated asset managers rather than a single discretely controlled desk. That shared-decision flag leaves open whether the trades stemmed from the bank’s proprietary desk or from institutional client mandates. The filing also discloses minor equity stakes in crypto-related firms, with the largest single non-ETF position noted as a roughly $4.4 million holding in Circle. Intesa’s U.S. wealth unit filed separately and showed no digital-asset exposure in its own 13F. The bank has previously purchased bitcoin for its treasury and operates a trading desk that has executed crypto trades before, creating operational capacity to run these positions.
Context from market reporting on MicroStrategy helps explain why a sizable put could be attractive here: MicroStrategy has continued to grow its on‑balance‑sheet bitcoin inventory, with public tallies in recent reports clustering around ~712k–714k BTC. That accumulation has come while the company faces short‑term funding frictions — its common shares slid roughly six percent in a recent window and the firm’s perpetual preferred has traded below par, constraining a linked at‑the‑market issuance channel. Management’s adjustments to the preferred dividend to shore up demand underscore the mechanical limits on larger, equity‑funded bitcoin purchases for the moment. Bitcoin itself was trading in an elevated range (near the high‑$70,000s) during recent buys, which can widen the divergence between bitcoin spot gains and any re‑rating of a bitcoin‑heavy corporate equity. In that environment, a paired ETF-long / option‑hedge construct can produce asymmetric outcomes: the ETF long retains exposure to spot bitcoin appreciation while the put on MSTR protects (or profits) if the market re‑prices the company toward its bitcoin backing.
- Bitcoin ETF total exposure: $96 million
- ARK 21Shares position: ~$72.6 million
- iShares Bitcoin Trust position: ~$23.4 million
- Bitwise Solana Staking ETF: ~$4.3 million
- Put option on MicroStrategy (notional/market value disclosed): ~$184.6 million
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