Intesa Sanpaolo on Monday completed its first proprietary bitcoin trade investing 1 million euros ($1.03 million) into the world’s largest digital currency, an internal memo showed, according to Reuters.
Intesa set up a proprietary trading desk for digital assets in 2023 and last year started handling spot trades with cryptocurrencies.
„As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoin,” the internal message, of which Reuters saw a copy, said.
On Jan. 13, a leaked internal email from Niccolò Bardoscia, the Head of Digital Assets Trading & Investments, revealed that the bank had executed its inaugural Bitcoin trade, purchasing 11 BTC for $1 million.
Intesa Sanpaolo made the purchase around 11 a.m. CET when Bitcoin was trading at approximately $92,800, according to CCN.
“Hoping this is just the beginning,” Bardoscia wrote in the email, signaling potential future investments.
According to a report by Fabi, Italy’s independent banking federation, almost 1.4 million Italians currently hold cryptocurrencies, with a collective value of €2.2 billion.
Bitcoin more than doubled in value in 2024, driven by the U.S. markets regulator’s approval for exchange-traded funds tied to its spot price, and optimism over easing regulatory hurdles under incoming U.S. President Donald Trump.
As bitcoin flirts with the $100,000 mark, some analysts expect it to more than double in value by the end of this year.
Banking 4.0 – „how was the experience for you”
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