Thomas Daniels
By acquiring Bitcoin, Banca Intesa Sanpaolo has made history as the first Italian bank to invest in cryptocurrencies. Wired Italia claims that the bank paid about €1 million ($1.02 million) for 11 Bitcoin. This milestone demonstrates how traditional financial institutions are increasingly utilizing digital assets.
Leaked email screenshots from the anonymous website 4chan were the first source of the news. The transaction was corroborated by the emails, which were credited to Niccolò Bardoscia, Head of Digital Assets Trading & Investments at Intesa Sanpaolo. As of right now, January 13, 2025, Intesa Sanpaolo has eleven Bitcoins. According to reports, Bardoscia stated in an internal communication, “Thank you all for the teamwork.”
Verification and Industry Consequences
Later, Intesa Sanpaolo told Wired Italia that the email and the Bitcoin purchase were legitimate. The bank did not, however, elaborate on the reasoning behind the transaction or its intentions for future cryptocurrency acquisitions.
Given that no other prominent Italian financial institution has made such pronouncements, the move represents a significant step for the country’s largest bank by assets. Through its public channels, Intesa Sanpaolo has not yet issued an official comment regarding its acquisition of Bitcoin.
A Change in Strategy for Digital Assets
This move is consistent with the bank’s overarching plan to embrace digital assets. According to Bloomberg, Intesa Sanpaolo added spot bitcoin trading to its list of services in November 2024. Additionally, the bank supports tokenized asset custody solutions through a partnership with Ripple Custody (previously Metaco).
In recent months, Italy’s cryptocurrency regulations have changed. In accordance with the EU’s Markets in Crypto Assets Regulation (MiCA), the government lowered the crypto capital gains tax from 42% to 26% in November 2024 and provided specific instructions for financial institutions.
A Possible Pioneer?
Although Intesa Sanpaolo’s exact motivations for buying Bitcoin are yet unknown, the move might indicate a change in the financial industry’s stance on cryptocurrencies. Other financial institutions in Italy and around Europe may be inspired by this action to investigate digital assets as a respectable investment class.
