In a historic move, Intesa Sanpaolo, Italy’s largest banking group, recently purchased 11 Bitcoins, amounting to approximately 1 million euros (US$1 million). This acquisition marks the first direct investment in cryptocurrency by an Italian bank. Confirmation of the purchase came from Intesa Sanpaolo’s press office, following a wave of speculation triggered by a leaked internal email on the online forum 4chan.
The email, reportedly signed by Niccolò Bardoscia, the head of the bank’s Trading and Investment division for Digital Assets, revealed the bank’s venture into the crypto market. The news was first reported by Italian cryptocurrency news outlet Criptovaluta. However, the banking group has remained tight-lipped about its motivations behind this move and any potential future strategies involving Bitcoin.
While the confirmation does not clarify whether this move signifies the group’s intention to expand into crypto services, it is undeniably a step towards embracing digital assets. A request for comment from Intesa Sanpaolo by Decrypt has yet to be responded to.
This investment by Intesa Sanpaolo marks a significant milestone for the cryptocurrency sector in Italy. The bank has positioned itself as a trailblazer in digital asset adoption within Italy’s traditional financial framework. The timing of this investment coincides with a surge of institutional interest in Bitcoin worldwide.
High-profile entities like Michael Saylor’s MicroStrategy and Japan’s Metaplanet continue to invest in Bitcoin, especially with the upcoming inauguration of President-elect Donald Trump. Trump has made promises during his campaign to establish a national Bitcoin reserve and to facilitate innovation and clear regulatory guidelines for companies operating in the U.S.
There is growing anticipation for Trump to issue a crypto-related executive order in the early hours of his second term. This could establish a presidential crypto council comprised of approximately 20 industry leaders, as Decrypt previously reported.
Meanwhile, in Europe, recent regulatory clarity around digital assets and their increasing adoption by financial institutions have created an environment conducive for traditional players to experiment with blockchain technology. Intesa Sanpaolo, which has been actively exploring blockchain and digital asset opportunities for nearly a decade, is undoubtedly observing these developments.
In July 2024, Intesa Sanpaolo sponsored Italy’s first blockchain-based €25 million ($25.6 million) digital bond issued by development bank Cassa Depositi e Prestiti on the Polygon blockchain. The bank also expanded its proprietary trading division to include cryptocurrency spot trading in November, building on its prior involvement with options, futures, and ETFs tied to digital assets.
