Top Italian Bank Buys $1 Million Worth of Bitcoin: Report

Intesa Sanpaolo, Italy’s largest bank by assets under management and market capitalization, has taken a significant step into the cryptocurrency space with its first-ever Bitcoin purchase. The bank reportedly invested €1 million (approximately $1 million) in Bitcoin, according to an internal note cited by Bloomberg and other media outlets.

“As of today, January 13, 2025, Intesa Sanpaolo owns 11 bitcoins,” the statement, seen by Reuters, revealed.

This move marks the bank’s initial foray into owning a spot cryptocurrency, though it is not Intesa Sanpaolo’s first venture into digital assets. In 2023, the bank launched a proprietary cryptocurrency trading desk within its corporate and investment banking division. Until now, that desk had focused exclusively on trading cryptocurrency derivatives such as options, futures, and exchange-traded funds (ETFs).

The decision to purchase Bitcoin directly follows internal approvals and the implementation of necessary technical infrastructure, as reported by Bloomberg. However, it remains unclear whether this purchase is part of a broader strategic initiative to incorporate Bitcoin into the bank’s corporate reserves or merely a test case in cryptocurrency investing.

Bitcoin Gains Momentum Among Global Banks

Intesa Sanpaolo’s Bitcoin acquisition comes as the cryptocurrency continues to gain traction in traditional financial markets. Bitcoin saw its value more than double in 2024, driven by the approval of the first spot Bitcoin ETFs in the U.S. and renewed optimism surrounding cryptocurrency regulations under President-elect Donald Trump. In December, Bitcoin (BTC) reached an all-time high of $108,000 before pulling back slightly. Despite recent corrections, the cryptocurrency has gained 125% over the past year.

The Italian banking giant joins a growing list of global financial institutions integrating cryptocurrencies into their portfolios. In Europe, banks such as France’s BPCE, Germany’s Commerzbank, and DZ Bank have announced initiatives involving digital assets. Just last week, British multinational Standard Chartered revealed plans to introduce cryptocurrency services in Europe.

About Intesa Sanpaolo

Intesa Sanpaolo, with a market capitalization of approximately $73 billion, is ranked among the top 250 most valuable companies globally. As of 2022, its assets under management totaled €430 billion, underscoring its significant influence in the European financial landscape.

By purchasing Bitcoin, Intesa Sanpaolo signals its intention to remain competitive and adaptive to the evolving financial ecosystem. Whether this move serves as a precursor to broader adoption of digital currencies within the institution remains to be seen.