Intesa Sanpaolo Acquires Bitcoin

Intesa Sanpaolo, Italy’s largest bank by total assets, purchased bitcoin worth €1 million ($1.03 million) on Monday in its first proprietary crypto trade, as reported by Reuters.

> “As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoin,” the internal memo stated.

Local outlets including La Stampa and Criptovaluta.it confirmed this news, marking the first instance of an Italian bank directly acquiring cryptocurrency.

Intesa’s CEO, Carlo Messina, referred to the purchase as “an experiment, a test,” during an event in Milan. He emphasized that this investment is small compared to the bank’s $100 billion securities portfolio, noting, “This shows there can be some attention to digital channels, but with very limited investment amounts.” Messina also mentioned that the bank is prepared to accommodate sophisticated clients seeking similar investments.

Interestingly, Messina clarified that he has not personally invested in bitcoin.

Intesa Sanpaolo reportedly established its crypto proprietary trading desk in 2023, allowing it to trade digital assets with its own funds. Previously, the bank only dealt with crypto options, futures, and exchange-traded funds. As of November, it gained the necessary internal approvals and technical systems for spot crypto purchases.

The purchase news was first leaked on the online forum 4Chan, where an internal email from Niccolo Bardoscia, the head of digital assets trading and investments, was circulated. This was later validated by local media and Reuters.

Intesa did not respond immediately to The Block’s request for comment.