Intesa Sanpaolo, Italy’s Largest Banking Group, Acquires 11 Bitcoin Worth Around €1M

Intesa Sanpaolo has acquired Bitcoin worth roughly a million euros, becoming the first bank in Italy to gain direct exposure to cryptocurrencies.

The global crypto adoption tide has made its next stop, this time in Italy. The nation’s largest banking giant, Intesa Sanpaola, has made history by becoming the first Italian bank to buy Bitcoin directly.

Initially a widespread rumor, local outlet Wired Italia recently confirmed that Italy’s largest banking giant has indeed dipped its toes in Bitcoin. Per the report, Intesa Sanpaolo acquired 11 $BTC on Monday, January 13, for roughly €1 million.

Italy’s Most Prominent Banking Group Buys Bitcoin

The bank’s employees first leaked an internal email containing the news on the picture-sharing platform 4Chan. On the heels of the disclosure, Intesa Sanpaolo’s head of digital assets trading and investment, Niccolo Bardoscia, confirmed the rumor with an email to the media that the bank now owns 11 $BTC.

Although Bardoscia confirmed the purchase, the executive refrained from disclosing why exactly it acquired Bitcoin. As a result, it is unclear if the purchase was to diversify Intesa Sanpaolo’s investment portfolio or if it was a pilot to offer crypto services.

However, the Bitcoin accrual marks a sentiment shift in Italy. Coming from its largest banking group, other financial institutions may look to emulate the giant, driving adoption.

In addition, this purchase transcends the norm in Italy. The nation’s central bank governor, Fabio Panetta, has repeatedly warned against digital assets like Bitcoin and Ethereum, calling them “unsecured.”

Intesa Sanpaolo’s Crypto Journey

Meanwhile, this is not the bank’s first foray into blockchain. In July 2024, Intesa Sanpaolo pioneered a €25 million digital bond issuance on the Polygon network in collaboration with state-owned bank Cassa Depositi e Prestiti SpA.

Furthermore, Intesa Sanpaolo broadened its crypto desk to allow spot trading. Before then, it only offered crypto options, futures, and exchange-traded funds (ETFs) to clients.

Broader Crypto Adoption

Intesa Sanpaolo’s 11 $BTC purchase also came amid easing regulations in Europe. The Markets in Crypto Assets (MiCA) regulatory guideline came into full effect in December, making it easier for entities to hold digital assets.

The United States expects a similar clarity following Donald Trump’s imminent inauguration. The pro-crypto president has promised to support crypto, with speculation that he could sanction a Bitcoin reserve in his first 100 days in office gaining momentum.