- Intesa Sanpaolo has purchased 11 Bitcoins for a total value of 1 million euros.
- The acquisition price ranged between 89,000 and 91,000 euros per Bitcoin.
Intesa Sanpaolo, the largest banking group in Italy, has taken a step toward investing in cryptocurrency. The bank’s proprietary trading division has acquired 11 Bitcoins. It marked the first instance of a credit institution in Italy purchasing and trading cryptocurrencies.
The digital assets trading and investment team of Intesa Sanpaolo acquired the asset with a market value of about 1 million euros. The price of the acquisition was between 89,000 and 91,000 euros per Bitcoin.
Besides, this was disclosed through internal communications within the bank. An email from Niccolo Bardoscia, head of digital assets trading and investments at Intesa Sanpaolo confirmed the transaction, stating, “As of today 01/13/2025, Intesa Sanpaolo owns 11 Bitcoins. Thank you all for the teamwork.”
The Italian Banking Sector
This acquisition by Intesa Sanpaolo is the first for the country, taking a move to adjust the traditional model of the banking sector’s cryptocurrencies. The bank’s decision to invest directly in Bitcoin shows the acceptance of digital assets in the mainstream financial industry.
The acquisition takes place in the same time frame as the introduction of the European Union’s markets in the Crypto-Assets (MiCA) framework. It is a legislative framework aimed at increasing investor protection and transparency in the crypto-asset marketplace. The launch of MiCA may have facilitated the regulatory certainty Intesa Sanpaolo requires.
Moreover, Intesa Sanpaolo’s Bitcoin purchase is expected to have a ripple effect across Italy’s financial landscape. The bank reports 7.2 billion euros in profits during the first nine months of 2024.
In addition, no major credit group has so far announced direct investments in cryptocurrencies through the purchase of assets to be included in the portfolio. And a disruptive action in the national credit scenario, where the approach to cryptocurrencies has so far been very cautious.
The governor of the Bank of Italy, Fabio Panetta, stated that unsecured crypto-assets, such as Bitcoin and Ethereum, are not issued by any operator. Also, it has no intrinsic value and does not generate income flows.
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