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#BTC#快涨了 Fool starts to turn bearish
Italian banking giant Intesa Sanpaolo disclosed in its latest 13F filing that it holds approximately $96 million in Bitcoin spot ETFs and has large put option positions to hedge against the overvaluation of its Bitcoin asset value relative to stock prices. According to BlockBeats, on February 17, Intesa Sanpaolo's 13F filing for the period ending December 2025 showed holdings of about $96 million in Bitcoin spot ETFs, including the ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust. Additionally, Intesa Sanpaolo also holds a large put option position targeting Strategy, which market analysts interpret as a hedge against the overvaluation of Strategy's stock price relative to its Bitcoin asset value (mNAV), while simultaneously maintaining a long position in Bitcoin ETFs. (CoinDesk)