Italy’s largest bank, Intesa Sanpaolo, has made history by becoming the first Italian financial institution to directly invest in Bitcoin. On January 13, the bank purchased 11 Bitcoin for approximately €1 million, marking a groundbreaking move in the country’s financial sector and signaling a shift in traditional banking's approach to Bitcoin.

The acquisition was first revealed through leaked internal emails, which were later confirmed by Intesa Sanpaolo to Wired Italia and Milano Finanza. According to the reports, the Bitcoin purchase occurred on the morning of January 13 at a price ranging between €89,000 and €91,000 per coin. Niccolò Bardoscia, Head of Digital Assets Trading & Investments at Intesa Sanpaolo, supervised the transaction. In an email shared with colleagues, Bardoscia wrote, “As of 13/01/2025, Intesa Sanpaolo owns 11 Bitcoin. Thanks to everyone for the teamwork.”

This marks the first time an Italian bank has directly invested in Bitcoin, setting a precedent in a country where financial institutions have traditionally been wary of Bitcoin. Italian regulators, including Bank of Italy Governor Fabio Panetta, have previously expressed skepticism, labeling Bitcoin as lacking intrinsic value and cautioning against its speculative nature. However, the recent introduction of the EU’s Markets in Crypto-Assets (MiCAR) regulation has provided a clearer framework, likely influencing Intesa Sanpaolo’s decision.

MiCAR, which came into effect this January, aims to improve transparency and security for Bitcoin across Europe. The regulation appears to have encouraged Intesa Sanpaolo to embrace Bitcoin, potentially paving the way for other Italian banks to follow suit.

Intesa Sanpaolo’s move aligns with a growing global trend of financial institutions adopting Bitcoin. It comes at a time when Bitcoin is approaching new price records, with its value nearing $100,000. U.S. President-elect Donald Trump’s plans to integrate Bitcoin into national financial policies have further highlighted its growing role in the global economy.

This investment could also influence Italian retail and institutional investors, many of whom have remained cautious about Bitcoin. According to a recent report, 1.35 million Italians currently hold cryptocurrencies, representing a market worth €2.2 billion. Intesa Sanpaolo’s adoption of Bitcoin may encourage more widespread acceptance and confidence in it among conservative investors.

With Intesa Sanpaolo leading the way, the door may now be open for other traditional banks in Italy to explore Bitcoin. This move underscores a broader shift in the financial sector, where Bitcoin is increasingly recognized as a legitimate asset class.

Wired Article