In its Q4 2025 U.S. 13F filing, Intesa Sanpaolo reported holding more than $96 million in spot Bitcoin ETFs. Of that amount, $72.6 million is allocated to the ARK 21Shares Bitcoin ETF managed by ARK 21Shares, while $23.4 million is invested in the iShares Bitcoin Trust under BlackRock. The bank also holds approximately $4.3 million in the Bitwise Solana Staking ETF, which tracks Solana and includes staking rewards.
What Does mNAV Mean in This Context?
A more notable move is the bank’s sizable put option position in Strategy shares. Strategy currently holds 714,644 Bitcoin, making it the largest corporate BTC holder.
The key concept here is mNAV (multiple Net Asset Value), which represents the ratio between a company’s market capitalization and the value of its net assets. In Strategy’s case, it compares the company’s stock market valuation to the total value of the Bitcoin it holds. When the stock trades above the value of its underlying Bitcoin holdings, the mNAV ratio rises above 1, meaning the shares are trading at a premium.
Strategy previously traded at a 2.9x mNAV multiple, which has since compressed to around 1.21x. This indicates that the stock price has moved closer to the value of its Bitcoin holdings. The bank’s put option position is designed to benefit if that premium narrows further or if the stock declines. The filing also reveals smaller equity positions in crypto-related firms such as Coinbase, Robinhood and Circle, reinforcing the bank’s structured and risk-managed approach to digital asset exposure.
