Intesa Sanpaolo: Italy’s Largest Bank Makes History With Bitcoin Settlement

Italy’s largest bank, Intesa Sanpaolo, has etched its name in financial history as the first Italian institution to venture into direct bitcoin settlement.

First Bitcoin Deal by Italy’s Largest Financial Institution

On Jan. 13, 2025, the bank executed a proprietary bitcoin transaction valued at one million euros, securing 11 bitcoin (BTC), as disclosed in an internal memo. This pivotal development follows the 2023 inception of Intesa’s digital assets trading desk and its subsequent initiation of cryptocurrency spot trading.

At its inception, the Italian bank’s crypto trading desk concentrated on crypto options, futures, and exchange-traded funds (ETFs). By late 2024, Intesa Sanpaolo had broadened its scope to encompass spot cryptocurrency trading, following internal authorization and the implementation of essential technical frameworks.

Reports state that the bank later verified the transaction after several media outlets sought confirmation, spurred by a leaked email circulating online. Despite this confirmation, Intesa has refrained from providing insight into its strategic rationale for the move.

The transaction was initially spotlighted by Italian daily La Stampa, highlighting its transformative implications within Italy’s traditionally cautious banking sphere. This acquisition represents a measured yet meaningful departure from the sector’s established norms as financial institutions cautiously explore the potential of digital currencies.

By undertaking this purchase, Intesa Sanpaolo demonstrates a willingness to engage with the dynamic possibilities of the digital asset space, situating itself as a trailblazer among Italian banks in the realm of cryptocurrency.

Whether this step paves the way for a broader institutional embrace of such investments within Italy is a question that only time will answer. As of Jan. 2025, Intesa Sanpaolo reported total assets under management (AUM) of approximately €1.4 trillion.

The bank came into existence on Jan. 1, 2007, through the merger of Banca Intesa and Sanpaolo IMI, a union that consolidated its position as a financial powerhouse. However, Intesa Sanpaolo’s lineage extends far beyond its modern inception.

Its most venerable predecessor, Istituto Bancario San Paolo di Torino, was established in 1563. This heritage endows the institution with an impressive historical arc spanning more than 460 years, a testament to its enduring influence and adaptability within the evolving financial world.