Intesa Sanpaolo Buys Bitcoin, Signaling Change in Banking Landscape in Italy

Intesa Sanpaolo, Italy's largest banking group, has bought 11 bitcoins worth about 1 million euros. It is the first time a major financial institution in Italy buys cryptocurrencies directly.

Intesa Sanpaolo, Italy's largest banking group, has made history by purchasing 11 bitcoins, becoming the first major financial institution in the country to directly buy cryptocurrencies.

The purchase was revealed in email exchanges originating on 4chan, a online platform, and later confirmed by Niccolò Bardoscia, head of digital assets trading and investments at Intesa Sanpaolo, in an email to his staff. The bank now owns 11 bitcoins, Bardoscia said in the email, which was viewed by CoinDesk.

The emails show that the bank bought the bitcoins on January 13, 2025, when one euro could buy 88,496 to 93,130 bitcoin, according to data from CoinGecko. This puts Intesa Sanpaolo's bitcoin purchase at around 1 million euros, based on the prevailing market rate at the time.

Intesa Sanpaolo confirmed the news to CoinDesk but declined to provide further details, such as the reason for the purchase or how it fits into the bank's broader strategy.

The purchase is significant because it marks the first time that a major credit institution in Italy has directly invested in cryptocurrencies. Italy has taken a cautious approach toward digital assets, with Fabio Panetta, the Governor of the Bank of Italy, warning people against buying assets like bitcoin and ether.

However, Intesa Sanpaolo's action appears to be opening a new chapter in the discourse around cryptocurrencies in Italy. The bank's move could also be a sign that Italian financial institutions are becoming more receptive to digital assets, potentially leading other banks and financial institutions to make similar purchases moving forward.