Overview
- The bank’s Q4 2025 Form 13F reports roughly $96 million in U.S.-listed spot bitcoin ETFs filed for positions as of December 31, 2025.
- The largest ETF stakes are $72.6 million in the ARK 21Shares Bitcoin ETF and $23.4 million in the iShares Bitcoin Trust.
- A sizable put option tied to MicroStrategy worth about $184.6 million could benefit if the stock moves closer to the value of its bitcoin holdings.
- Additional crypto-linked exposure includes about $4.3 million in the Bitwise Solana Staking ETF and minor equity stakes such as roughly $4.4 million in Circle plus positions in Coinbase and Robinhood.
- The 13F uses the DFND shared-decision designation, and coverage frames the disclosure as part of a broader European shift toward regulated crypto products.