Italy's Largest Bank Bought €1M in BTC

Financial media reports that Italy's largest bank, Intesa Sanpaolo, has bought €1 million worth of bitcoins.

Italy's Largest Bank Bought €1M in BTC

Rumors of the bank acquiring Intesa first surfaced on 4chan after a user shared screenshots of emails attributed to Intesa’s head of digital asset trading and investments, Niccolò Bardoscia.


Bardoscia’s posts celebrated the achievement and praised the collaboration behind the deal, with one email stating, “As of today, Intesa Sanpaolo holds 11 bitcoins. Thank you all for your teamwork.”


According to Wired Italia, a bank spokesperson verified the details of the purchase, admitting that the bank received 11 BTC for about $1.03 million.


The company is no stranger to cryptocurrency: in July 2024, it used the Polygon network to underwrite Italy’s first blockchain-based digital bond, worth $25.6 million. Later that year, it began offering options, futures, and spot exchange-traded funds (ETFs) linked to digital assets through a dedicated desk.


Market analysts see the BTC purchase as a challenge to Italy’s conservative approach to digital assets, a view seemingly embodied by the country’s central bank governor, Fabio Panetta.


The 65-year-old economist reportedly expressed skepticism about the intrinsic value and security of such products, calling them speculative and vulnerable to fraud and cybersecurity risks.


Institutional Adoption of Bitcoin

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


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 investing up to 90% of its excess cash in cryptocurrency.


The organization began by purchasing more than 217 BTC worth $21 million on Boxing Day last year, with its CEO Michael Mo highlighting the asset’s usefulness as a hedge against inflation and geopolitical instability.


Medical equipment maker Semler Scientific has also implemented a successful Bitcoin treasury strategy. Between December 16, 2024, and January 10, 2025, it purchased 237 BTC worth more than $23 million, bringing its holdings to 2,321 coins, worth about $224.4 million at the current price.



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