Italy’s largest banking institution, Intesa Sanpaolo, has reportedly purchased €1 million worth of Bitcoin, marking the first direct purchase of cryptocurrency by a bank in the country. The move could potentially change the country’s conservative approach to digital assets.
Rumors of the purchase began circulating on 4chan after a user shared a screenshot of an email purportedly from Intesa’s Head of Digital Asset Trading and Investment, Niccolò Bardoscia.
The message shows Bardoscia celebrating the achievement and praising the collaboration behind the operation.
According to Wired Italia, a bank representative confirmed the details of the purchase, stating that the institution acquired 11 BTC for approximately $1.03 million.
It should be noted that the bank is no newcomer to the crypto world. The bank used the Polygon network to issue Italy’s first on-chain digital bond worth $25.6 million in July 2024. Later that year, it began offering options, futures, and exchange-traded funds (ETFs) related to digital assets through a dedicated trading desk.
Market observers saw the BTC purchase as a move to challenge Italy’s conservative approach to digital assets, a view seemingly echoed by the country’s central bank governor, Fabio Panetta. The 65-year-old economist is reportedly skeptical of the intrinsic value and security of such products, calling them speculative and vulnerable to fraud risks and cybersecurity threats.
Intesa’s move into BTC is in line with a trend of institutional interest in cryptocurrencies, spearheaded by MicroStrategy. On Monday, the US-based software company bought an additional 2,530 Bitcoins worth $243 million, bringing its total holdings to 450,000 BTC.
Similarly, Japanese investment firm Metaplanet recently announced plans to expand its Bitcoin reserves to 10,000 units. Meanwhile, energy storage company KULR Technology Group has committed to allocating up to 90% of its excess cash into cryptocurrency.
The organization began this move by purchasing more than 217 Bitcoins worth $21 million on Boxing Day last year, with its CEO, Michael Mo, touting the asset as a hedge against inflation and geopolitical instability.
Medical device manufacturer Semler Scientific has also had success with its Bitcoin holdings strategy. Between December 16, 2024, and January 10, 2025, they acquired 237 BTC worth more than $23 million, bringing the total to 2,321 Bitcoins, which is worth about $224.4 million at current prices.
