tl;dr
Intesa Sanpaolo, Italy's largest banking group, has purchased 11 Bitcoins for roughly 1 million euros (US$1 million), marking the first direct investment in crypto by an Italian bank. The acquisition was confirmed by the bank's press office, following the leak of an internal email outlining the purc...
Intesa Sanpaolo, Italy's largest banking group, has purchased 11 Bitcoins for roughly 1 million euros, marking its first direct investment in crypto. The acquisition was confirmed by the bank's press office, following the leak of an internal email outlining the purchase.
This move signals a milestone for the crypto sector in Italy and reflects increasing institutional interest in Bitcoin globally. Intesa Sanpaolo has been actively exploring blockchain and digital asset opportunities for nearly a decade, and has expanded its proprietary trading division to include cryptocurrency spot trading in November.
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. 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 group's intent to expand into crypto services or is merely an exploratory investment in digital assets. 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.
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.