Intesa Sanpaolo, Italy’s largest banking group, has made a notable entry into the cryptocurrency market by acquiring 11 Bitcoins for approximately 1 million euros. The purchase price ranged from 89,000 to 91,000 euros per Bitcoin. This marks the first time a credit institution in Italy has directly purchased and traded cryptocurrencies.
The acquisition was made by Intesa Sanpaolo’s proprietary trading division, signaling a significant move towards integrating digital assets into traditional banking operations. Internal communications revealed the purchase, with Niccolò Bardoscia, head of the bank’s digital assets trading and investment team, confirming the transaction via email: “As of today, 01/13/2025, Intesa Sanpaolo owns 11 Bitcoins. Thank you all for the teamwork.”
A Pioneering Step for Italy’s Banking Industry
This move by Intesa Sanpaolo is unprecedented within the Italian financial sector, reflecting a shift toward embracing cryptocurrency as part of mainstream finance. The timing aligns with the European Union’s introduction of the Markets in Crypto-Assets (MiCA) regulatory framework, which aims to enhance transparency and investor protection. This framework may have provided the regulatory clarity needed for Intesa Sanpaolo to proceed confidently.
The bank’s decision is expected to set a precedent within Italy’s financial ecosystem. Intesa Sanpaolo, which reported profits of 7.2 billion euros in the first nine months of 2024, has demonstrated a forward-thinking approach by incorporating digital assets into its portfolio.
Conservative Stance in Italian Finance
Until now, major credit institutions in Italy have refrained from direct investments in cryptocurrencies. Intesa Sanpaolo’s move represents a disruptive shift in the traditionally cautious approach to digital assets within the national banking sector.
However, the purchase has not been without criticism. Fabio Panetta, the governor of the Bank of Italy, reiterated concerns about cryptocurrencies, particularly Bitcoin and Ethereum, stating that such assets lack intrinsic value, are not issued by a central authority, and do not generate income flows. Despite this, Intesa Sanpaolo’s actions suggest an evolving perspective within the financial industry regarding the role of digital currencies.
