Italy’s Biggest Bank Makes History With €1M BTC Purchase: Report

Italy's largest banking institution, Intesa Sanpaolo, has reportedly bought 1 million euros worth of Bitcoin.

The transaction marks the first outright purchase of a cryptocurrency by a bank in the country, potentially reversing a cautious approach to digital assets.

Breaking tradition

Rumors of the acquisition first surfaced on 4chan after a user shared screenshots of emails with Intesa's head of digital asset trading and investment, Niccolo Bardocia.

“As of today, Intesa Sanpaolo owns 11 bitcoins,” the messages read, with Bardocia celebrating his success and praising the collaboration behind the operation. Thank you all for your teamwork.

According to Wired Italia, a representative of the bank confirmed the details of the purchase, the institution admitted that it received 11 BTC for 1.03 million dollars.

The legal entity is no stranger to crypto, using the Polygon network to underwrite Italy's first on-chain digital bond in July 2024. Later that year, it began offering options, futures, and exchange-traded funds (ETFs). ) linked to digital assets through a special table.

Market watchers see the BTC purchase as a violation of Italy's conservative approach to digital assets, a view echoed by the country's central bank governor Fabio Panetta.

The 65-year-old economist is said to have expressed doubts about the intrinsic value and safety of these products, saying they are speculative and vulnerable to fraud and cyber security risks.

Institutional adoption

Intesa's foray into BTC coincides with a growing trend of institutional interest in cryptocurrencies pioneered by MicroStrategy. On Monday, the US-based software giant bought an additional 2,530 coins for $243 million, bringing its total holdings to 450,000.

Similarly, Japanese investment company Metaplanet recently announced plans to expand its Bitcoin inventory to 10,000 units. Meanwhile, energy storage company KUR Technology Group has committed to allocating up to 90% of its surplus cash to cryptocurrency.

The firm launched last year on Boxing Day at just over 217 cents for $21 million, and chief executive Michael Moe described the asset service as a hedge against inflation and geopolitical uncertainty.

Medical device manufacturer Semler Scientific also had a successful Bitcoin treasury strategy. In the year From December 16, 2024 to January 10, 2025, it acquired 237 BTC over $23 million, giving it 2321 coins worth about $224.4 million at current prices.