Intesa Sanpaolo, Italy’s largest bank, has purchased 11 Bitcoin for €1 million, marking the first direct Bitcoin investment by an Italian bank
The purchase was revealed through a leaked internal email from Niccolò Bardoscia, head of Digital Assets Trading & Investments
Italy plans to increase Bitcoin capital gains tax from 26% to 42%
The bank purchased Bitcoin when prices dipped below €91,000, potentially timing a market opportunity
The investment follows the bank’s previous blockchain initiatives, including a €25 million digital bond issuance on Polygon in July 2024
Italy’s largest banking group, Intesa Sanpaolo, has entered the cryptocurrency market with a purchase of 11 Bitcoin, worth approximately €1 million. The acquisition marks the first time an Italian bank has directly invested in Bitcoin, setting a precedent in the country’s traditional banking sector.
The purchase came to light through an internal email leaked on the online forum 4chan. The communication, attributed to Niccolò Bardoscia, who heads the bank’s Digital Assets Trading & Investments division, detailed the acquisition. While the banking group has confirmed the purchase, they have not provided additional information about their future plans or strategy regarding Bitcoin.
The timing of the purchase coincided with a temporary dip in Bitcoin’s price below €91,000, following its recent peak above €100,000. This price movement occurred after Donald Trump’s electoral victory and amid fluctuations in the Dollar Index, which has shown strong performance above 108 points.
Intesa Sanpaolo’s journey with blockchain technology and digital assets spans nearly a decade. In July 2024, the bank demonstrated its commitment to blockchain innovation by underwriting Italy’s first blockchain-based digital bond. The €25 million bond, issued by development bank Cassa Depositi e Prestiti, utilized the Polygon blockchain network.
The bank’s involvement in cryptocurrency has evolved substantially since 2017, when CEO Carlo Messina described Bitcoin as a speculative bubble. At that time, Bitcoin was trading at around $10,000, a fraction of its current value. The bank has since expanded its operations, launching cryptocurrency spot trading in November 2024, adding to its existing offerings in options, futures, and ETFs tied to digital assets.
Founded in 2007 through the merger of Banca Intesa and Sanpaolo IMI, Intesa Sanpaolo employs over 90,000 people and generates annual revenue exceeding €25 billion. The banking group’s market capitalization surpasses €70 billion, securing its position in both the Euro Stoxx 50 and Euro Stoxx 50 Banks indices.
The bank’s Bitcoin purchase occurs against a backdrop of changing cryptocurrency regulations in Italy. The government has announced plans to increase the capital gains tax rate on cryptocurrencies from 26% to 42%, representing a 62% increase. This tax adjustment is part of broader revenue-generating measures in the 2025 budget.
Market analysts suggest that current conditions may present a favorable window for Bitcoin purchases. The cryptocurrency’s price movements have shown an inverse correlation with the Dollar Index over the medium to long term. Some experts predict the Dollar Index may decline in the coming weeks, potentially benefiting Bitcoin’s value.
In the United States, the cryptocurrency market anticipates potential policy changes with President-elect Trump’s upcoming inauguration. Reports indicate Trump may issue a crypto-related executive order early in his second term, establishing a presidential crypto council comprising approximately 20 industry leaders.
The €1 million investment represents a modest allocation for a banking institution of Intesa Sanpaolo’s size. However, the move aligns with growing institutional interest in Bitcoin globally, following investments by companies like MicroStrategy and Japan’s Metaplanet.
The bank’s stock performance has improved notably in recent years, recovering from lows during the 2008 financial crisis and the COVID-19 pandemic. Share prices have risen from €1.3 in 2020 to above €3.9 recently, reflecting the bank’s overall growth and stability.
In Europe, regulatory clarity around digital assets has increased, creating an environment where traditional financial institutions feel more comfortable exploring blockchain technology and cryptocurrencies. Intesa Sanpaolo’s Bitcoin purchase may indicate a broader shift in institutional attitudes toward digital assets.
