Italy’s Biggest Bank Makes History With €1 Million BTC Purchase: Report

Italy’s largest banking institution, Intesa Sanpaolo, has bought 1 million euros worth of Bitcoin.

The transaction marks the first outright purchase of cryptocurrency by a bank in the country, which could reshape its cautious approach to digital assets.

Breaking the Tradition

Rumors of the acquisition first surfaced on 4chan after a user shared screenshots of emails attributed to Intesa’s head of digital asset trading and investment, Niccolò Bardoscia.

The messages showed Bardoscia celebrating the achievement and praising the collaboration behind the operation, with an email saying: “As of today, Intesa Sanpaolo has 11 Bitcoins. Thank you all for your teamwork. “

According to Wired Italia, a representative of the bank verified the details of the purchase, acknowledging that the institution obtained 11 BTC for about $1.03 million.

The entity is no stranger to crypto, having used the Polygon network to underwrite Italy’s chain’s first digital bond, worth $25.6 million, in July 2024. Later that year , began offering options, futures, and exchange-traded funds (ETFs). ) linked to digital assets via a dedicated desktop.

Market watchers see its BTC purchase as a challenge to Italy’s conservative approach to digital assets, an outlook that appears to be personified by the country’s central bank governor, Fabio Panetta.

The 65-year-old economist is said to have expressed skepticism about the intrinsic value and safety of these products, labeling them speculative and vulnerable to fraud and cyber security risks.

Institutional adoption

Intesa’s foray into BTC coincides with a growing trend of institutional interest in cryptocurrencies started by MicroStrategy. On Monday, the US-based software giant bought an additional 2,530 coins for $243 million, bringing its total holdings to 450,000.

Similarly, Japanese investment firm Metaplanet recently announced plans to expand its Bitcoin reserves to 10,000 units. Meanwhile, energy storage company KULR Technology Group pledged to allocate up to 90% of its surplus cash to the cryptocurrency.

The organization began by buying more than 217 coins worth $21 million on Christmas Day last year, and its CEO Michael Mo highlighted the asset’s usefulness as a hedge against inflation and geopolitical instability.

Medical equipment maker Semler Scientific has also had a successful Bitcoin treasury strategy. Between December 16, 2024 and January 10, 2025, he acquired 237 BTC worth over $23 million, bringing his entire stash to 2,321 coins worth about $224.4 million at the current price.

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