Intesa Sanpaolo Leads Italian Banks With €1M Bitcoin Investment

Italy's largest banking group, Intesa Sanpaolo, has confirmed the purchase of 11 Bitcoins worth 1 million euros or $1.04 million.

This news was first leaked on 4chan via an internal email and was later officially confirmed by the bank's press office. This purchase represents the first Bitcoin purchase by an Italian bank, a major milestone in the country's financial sector.

Pioneering action for the Bank of Italy amid tax policy changes

The confirmation comes from a statement from Cryptovaluta.it, which is based in Italy. As reported, the bank acknowledged the authenticity of the email signed by Niccolò Barduccia, head of the digital asset trading and investment division.

Intesa Sanpalo declined to comment further on the reasons behind the purchase or its future crypto-related strategies. Nevertheless, the move marks a major shift in Italy's financial sector.

“BTC adoption is accelerating. The financial world is changing fast,” crypto enthusiast Shank commented on the development.

Intesa Sanpaolo's move is the latest in institutional bitcoin investments worldwide. As major financial institutions continue to increase digital assets, the cryptocurrency market is gaining legitimacy and attracting new capital. Besides reflecting growing institutional confidence, the bank's entry into the bitcoin market is an example for other Italian banks to follow.

The timing of Intesa Sanpaolo's bitcoin purchase coincides with Italy's recent crypto tax reforms. Previously, capital gains on crypto assets were taxed at a whopping 42%, which discouraged institutional investments.

However, as BeInCrypto reports, the proposed reduction to lower this rate to 28 percent has been shelved. This significant tax break could have played a role in the bank's decision, providing a more favorable environment for crypto investments.

Intesa Sanpaolo's decision could provide a boost to Italy's crypto industry, which has struggled with regulatory problems and high taxes in recent years. This move may prompt other financial institutions in the country to consider exploring digital assets.

The acquisition will boost demand for services such as crypto custody, lending and trading, leading to wider adoption. Meanwhile, IBC Group founder Mario Naufal linked the acquisition to a broader global trend of financial institutions adopting digital assets.

“This move follows global institutional interest in Bitcoin and maintaining pro-crypto policies under the incoming Trump administration,” Naufal said.

While the bank has yet to announce specific plans for its Bitcoin holdings, the acquisition could be a prelude to offering crypto-related services to its institutional clients. Potential services may include crypto-backed loans, investment products or digital asset management solutions.

As Italy's crypto tax system becomes more favorable, the country could see increased activity in the digital asset space. With Intesa Sanpaolo at the helm, Italy's financial sector appears poised for a crypto renaissance that reflects the wider global shift to digital assets.