Having taken a significant step into the world of cryptocurrencies, Italy’s largest banking group, Intesa Sanpaolo, has made a landmark purchase of 11 Bitcoins, reportedly worth approximately one million euros, or US$1 million. This move marks Intesa Sanpaolo as the first Italian bank to make a direct investment in the increasingly popular digital asset.
The confirmation of this acquisition came directly from Intesa Sanpaolo’s press office, following a day of speculation triggered by an internal email leak from the banking group on the online forum, 4chan. The leaked email, allegedly signed by Niccolò Bardoscia, who heads the bank’s Trading and Investment division for Digital Assets, outlined the Bitcoin acquisition, as reported by Italian crypto news outlet Criptovaluta.
Despite confirming the purchase, Intesa Sanpaolo chose to remain tight-lipped regarding the motivations behind this move, nor did they reveal any potential strategies for future involvement with Bitcoin.
The intent behind this investment remains unclear. Whether the banking group is planning to expand its services into the cryptocurrency sector or is simply making an exploratory investment into digital assets is yet to be seen. Decrypt’s request for comment from Intesa Sanpaolo was not immediately responded to.
This purchase is a significant event for the cryptocurrency sector in Italy, as Intesa Sanpaolo becomes a front-runner in the adoption of digital assets within the country’s traditional financial landscape.
This move comes amidst a surge of interest in Bitcoin from institutions worldwide. Companies like Michael Saylor’s MicroStrategy and Japan’s Metaplanet have been snapping up the asset in the lead-up to the inauguration of President-elect Donald Trump.
During his campaign, Trump pledged to establish a national Bitcoin reserve, encourage innovation within the U.S., and create clear operating rules for companies operating within the country. There is a growing anticipation for Trump to issue a crypto-related executive order early in his second term, establishing a presidential crypto council comprised of around 20 industry leaders, as previously reported by Decrypt.
Elsewhere, recent regulatory clarity surrounding digital assets in Europe and increasing adoption by financial institutions seem to have created an environment where traditional players are more open to experimenting with blockchain technology.
Having been actively exploring opportunities related to blockchain and digital assets for nearly a decade, Intesa Sanpaolo is undoubtedly keeping a keen eye on developments in the U.S.
In July 2024, Intesa Sanpaolo underwrote Italy’s first blockchain-based €25 million ($25.6 million) digital bond. The bond was issued by the development bank Cassa Depositi e Prestiti on the Polygon blockchain. Additionally, the banking group expanded its proprietary trading division to include cryptocurrency spot trading in November, building on its previous involvement with options, futures, and ETFs tied to digital assets.
