Italy’s largest bank completes its first Bitcoin transaction worth €1M

Italy’s biggest bank, Intesa Sanpaolo has completed its first Bitcoin investment, acquiring 11 BTC worth 1 million euros ($1.03 million).

Media Company TFTC shared on X on January 13, 2025 that the bank confirmed the transaction after speculation emerged earlier in the day after an internal email leaked on the online forum, 4chan.

The email, supposedly signed by Niccolò Bardoscia, head of the bank’s Trading and Investment division for Digital Assets, highlighted the acquisition, based on a report by Wired Italia.

While the acquisition was confirmed, the bank declined to explain its move or future investment strategies involving Bitcoin. 

It is unclear whether the purchase highlights Intesa Sanpaolo’s intention to expand into crypto services or is just an experimental investment in digital assets.

Historically, traditional banks have avoided cryptocurrencies, often citing volatility and regulatory uncertainties. 

Nonetheless, this purchase indicates a changing narrative, with big institutions now exploring Bitcoin as a store of value or a hedge against inflation.

The purchase marks a significant milestone for the crypto industry in Italy, with the bank leading digital assets adoption within the country’s traditional financial space. Its investment follows a growing institutional interest in Bitcoin worldwide.

Despite the uncertainty in Intesa Sanpaolo’s next move, one thing is clear. The bank’s entry into BTC is a landmark moment for the crypto sector, enhancing its role in the financial industry.

This is not the first time the bank has been involved with crypto. In July 2024, Intesa Sanpaolo floated a €25 million digital bond issuance powered by the Polygon network in partnership with state-owned bank Cassa Depositi e Prestiti SpA.