Italy's Largest Banking Group Intesa Sanpaolo Buys $1 Million in Bitcoin

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Intesa Sanpaolo, Italy’s largest banking group, has purchased 11 Bitcoins for roughly 1 million euros (US$1 million), becoming the first Italian bank to make a direct investment in the crypto.

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The confirmation came from Intesa Sanpaolo’s press office, following speculation that emerged earlier in the day after an internal email from the group was leaked on the online forum 4chan.

The email, reportedly signed by Niccolò Bardoscia, head of the bank’s Trading and Investment division for Digital Assets, outlined the acquisition, according to a report by Italian crypto news outlet Criptovaluta.

While the purchase was confirmed, the banking group declined to elaborate on its motivations or potential future strategies involving Bitcoin, per the report.

It remains unclear whether the move signals the groups intent to expand into crypto services or is merely an exploratory investment in digital assets.

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Intesa Sanpaolo did not immediately respond to Decrypt’s request for comment.

The purchase marks a notable milestone for the crypto sector in Italy, with Intesa Sanpaolo emerging as a leader in digital assets adoption within the nation’s traditional financial landscape.

Its investment also arrives on the heels of increasing institutional interest in Bitcoin globally.

Michael Saylor’s MicroStrategy and Japan’s Metaplanet have continued to scoop up the asset ahead of President-elect Donald Trump’s inauguration next week.

On the campaign trail, Trump promised to establish a national Bitcoin reserve, boost innovation within the U.S., and formulate clear rules of the road for companies operating there.

Anticipation is now growing for Trump to issue a crypto-related executive order within the opening hours of his second term to establish a presidential crypto council comprising around 20 industry leaders, Decrypt previously reported.

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Across the pond

Recent regulatory clarity around digital assets in Europe and rising adoption by financial institutions have drummed up an environment where traditional players are more willing to experiment with blockchain technology.

Intesa Sanpaolo, which has been actively exploring blockchain and digital asset opportunities for nearly a decade, is undoubtedly watching developments in the U.S. abroad.

In July 2024, the bank underwrote Italy’s first blockchain-based €25 million ($25.6 million) digital bond issued by development bank Cassa Depositi e Prestiti on the Polygon blockchain.

It has also expanded its proprietary trading division to include cryptocurrency spot trading in November, building on its earlier involvement with options, futures, and ETFs tied to digital assets.