Italy’s largest banking group, Intesa Sanpaolo, has made a groundbreaking move by acquiring 11 Bitcoin (BTC), worth approximately €1 million. This marks the first time a major Italian bank has gained direct exposure to cryptocurrency, solidifying the nation’s evolving stance on digital assets.
The news, which initially surfaced as a rumor, was later confirmed by local news outlet Wired Italia on January 13, 2025. Following this report, an internal email leaked on the image-sharing platform 4Chan, revealing that the bank had indeed purchased the Bitcoin. Niccolo Bardoscia, the head of Intesa Sanpaolo’s digital assets trading and investment division, confirmed the acquisition in an official email to the media, although he did not provide further details on the reasoning behind the purchase.
The move is a significant step in Italy’s crypto adoption, as it breaks the norm in a country where skepticism around cryptocurrencies has been prevalent. Fabio Panetta, the governor of Italy’s central bank, has frequently voiced concerns about the risks associated with digital assets, calling Bitcoin and Ethereum “unsecured” and urging caution. Despite these warnings, Intesa Sanpaolo’s decision to acquire Bitcoin signals a broader shift within Italy’s financial institutions, and the potential for further adoption by other major players in the industry.
Intesa Sanpaolo’s decision to invest in Bitcoin may serve as a precursor to the bank’s broader crypto strategy. While the bank did not specify the exact purpose of the purchase, it could either be a diversification of its investment portfolio or an early step in exploring the offering of crypto-related services to its clients. The growing sentiment around Bitcoin and other digital assets, coupled with regulatory easing in Europe, could make this move a catalyst for future developments within the banking sector.
This acquisition isn’t Intesa Sanpaolo’s first venture into blockchain technology. In July 2024, the bank successfully pioneered the issuance of a €25 million digital bond on the Polygon network, in collaboration with state-owned bank Cassa Depositi e Prestiti SpA. The bank also expanded its crypto desk, allowing for spot trading of digital assets, having previously only offered crypto options, futures, and exchange-traded funds (ETFs).
The timing of the Bitcoin acquisition is particularly significant, as the European Union’s Markets in Crypto Assets (MiCA) regulation came into effect in December 2024, providing clearer guidelines for institutions holding digital assets. This regulatory shift has likely created an environment where banks feel more comfortable engaging with cryptocurrencies.
Moreover, the acquisition aligns with a broader trend of institutional adoption globally. In the United States, speculation is mounting that the imminent Trump administration could lead to supportive crypto policies, possibly including the establishment of a Bitcoin reserve within the first 100 days of office.
Intesa Sanpaolo’s Bitcoin acquisition stands as a bold statement in the evolving landscape of crypto adoption by traditional financial institutions. It could pave the way for other banks and financial institutions in Italy and beyond to embrace digital currencies as part of their broader investment strategies. Whether this move signals a larger trend or remains an isolated case, the implications of this acquisition will likely unfold in the coming months as the regulatory and institutional environment for cryptocurrencies continues to evolve.
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