Intesa Sanpaolo, one of the biggest banks in Italy, has spent over $1 million on the purchase of 11 Bitcoins. With the purchase, the bank now owns 11 Bitcoins, gaining direct exposure to cryptocurrencies. The feat also means the bank is the first financial institution in Italy to achieve that achievement.
It initially circulated around as a rumor, but Wired Italia has since confirmed that the financial giant had indeed entered the crypto industry. Per an internal memo, the firm confirmed its first proprietary purchase of the asset. The bank set up a trading desk in 2023 and commenced handling spot trading in 2024.
Intesa Sanpaolo expands its crypto portfolio
The news initially appeared on image-sharing platform 4chan, after employees of the bank reportedly shared the internal memo. After the leak, Intesa Sanpaolo’s head of digital assets trading and investments Niccolo Bardosca confirmed it in an email to the media. He also revealed that the bank now holds 11 BTC.
In his email, Bardoscia refused to enter into details about why the bank decided to purchase the assets. So it still remains unclear if the bank intends to use the asset as a means of diversification or to kickstart its crypto services pilot. This is not the bank’s first blockchain business, as it made a digital bond issuance on Polygon worth $25.7 million last year.
The deal was done in collaboration with state-owned Cassa Depositi e Presiti SpA. The bank also expanded its crypto services by offering a spot trading desk. Before then, clients were only able to enjoy trading crypto options, futures, and exchange-traded funds (ETFs).
Bitcoin purchase reflects friendlier European regulations
Intesa Sanpaolo’s Bitcoin purchase is coming after Europe eased its regulation. The Markets in Crypto-Assets (MiCA) rule debuted in December, making it easier for firms to hold digital assets. It also signals a shift in the country, as smaller financial institutions will also be looking at purchasing the assets.
The move is particularly important for the Italian crypto market, considering the stance of its Central Bank governor, Fabio Panetta against the assets. Meanwhile, Bitcoin has continued to witness its value increase, as speculations about the ease of regulations under the Trump administration intensifies. Some analysts also expect the asset to double its price by the end of the year.