Intesa Sanpaolo, Italy’s largest bank by assets, has purchased €1 million ($1.03 million) worth of bitcoin in its first direct cryptocurrency trade, according to reports from Reuters and local media outlets. The acquisition, completed on January 13, marks the first time an Italian bank has directly bought bitcoin.
An internal memo reportedly stated, “As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoin.” CEO Carlo Messina described the move as “an experiment, a test,” during an event in Milan, emphasizing the modest scale of the investment relative to the bank’s $100 billion securities portfolio. “This demonstrates attention to digital channels while maintaining minimal investment exposure,” Messina said, adding that it positions the bank to meet potential demand from sophisticated clients.
Intesa established its proprietary crypto trading desk in 2023, focusing initially on crypto options, futures, and exchange-traded funds. By November 2024, the bank had obtained internal approvals and implemented the technical systems needed for spot crypto trading.
The bitcoin purchase was first leaked on the online forum 4Chan via an email from Niccolo Bardoscia, Intesa’s head of digital assets trading and investments, before being confirmed by Reuters and local sources.
This move highlights Intesa’s cautious entry into the cryptocurrency market, balancing innovation with a measured approach as it prepares for future client demand in digital assets.