Italy’s Largest Bank Makes History With €1Million Bitcoin Purchase
It was revealed through screenshots that Nickollo Bardoscia, Intesa’s director of digital assets, had emailed the bank to celebrate its Bitcoin purchase. The biggest Italian bank, Intesa Sanpaolo, has reportedly purchased €1 million worth of Bitcoin.
Banks are becoming more cautious about digital assets after this transaction marks the first direct purchase of cryptocurrency by a bank.
Breaking Tradition
Rumours of the acquisition spread on 4chan after a member published pictures of emails from Intesa’s head of digital asset trading and investment, Niccolò Bardoscia.
The mails showed Bardoscia applauding the achievement and praising the team behind the operation, with one email noting, “As of today, Intesa Sanpaolo possesses 11 Bitcoins. Thank you for your teamwork.”
According to Wired Italia, a bank spokesman confirmed the purchase details, stating that the institution received 11 BTC for approximately $1.03 million.
The company is not new to cryptocurrency, having utilized the Polygon network to underwrite Italy’s first on-chain digital bond, worth $25.6 million, in July 2024. Later that year, it launched a dedicated desk to offer digital asset-linked options, futures, and spot exchange-traded funds (ETFs).
Market analysts regard the BTC acquisition as a defiance of Italy’s conservative approach to digital assets, which is exemplified by the country’s central bank governor, Fabio Panetta.
The 65-year-old economist is said to be skeptical about the fundamental worth and security of such products, describing them as speculative and prone to fraud and cybersecurity threats.
Institutional Adoption
Intesa’s entry into the Bitcoin market corresponds with a growing trend of institutional interest in cryptocurrencies, which MicroStrategy pioneered. On Monday, the software company purchased an additional 2,530 coins for $243 million, increasing its total holdings to 450,000. Similarly, Japanese investment firm Metaplanet recently announced plans to increase its Bitcoin reserves by 10,000 units. Meanwhile, energy storage provider KULR Technology Group has committed to investing up to 90% of its surplus capital in cryptocurrencies.
The organization began by purchasing more than 217 coins for $21 million on Boxing Day last year, with CEO Michael Mo emphasizing the asset’s utility as a hedge against inflation and geopolitical uncertainty. Semler Scientific, a medical equipment firm, has also had success with its Bitcoin treasury strategy. Between December 16, 2024, and January 10, 2025, it purchased 237 BTC for more than $23 million, boosting its total holdings to 2,321 coins at around $224.4 million at current prices.
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