- Intesa Sanpaolo, Italy’s largest bank, has bought 11 Bitcoin for 1 million euros, 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 Raise Bitcoin Capital Gains Tax from 26% to 42%
- The bank bought Bitcoin when prices fell below €91,000, potentially timing a market opportunity
- The investment follows the bank’s previous blockchain initiatives, including a €25m digital bond issue on Polygon in July 2024
Italy’s largest banking group, Intesa Sanpaolo, has entered the cryptocurrency market with a purchase of 11 Bitcoinworth around 1 million euros. The acquisition is the first time an Italian bank has invested directly 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, details the acquisition. Although the banking group has confirmed the purchase, they have not provided any further information on 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 election victory and amid fluctuations in the dollar index, which has shown a 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 guaranteeing Italy’s first blockchain-based digital binding. The €25 million bond, issued by the development bank Cassa Depositi e Prestiti, used the Polygon blockchain network.
The bank’s involvement in cryptocurrency has evolved significantly since 2017, when CEO Carlo Messina described Bitcoin as a speculative bubble. At the time, Bitcoin was trading for around $10,000, a fraction of its current value. The bank has since expanded its operations and launched spot cryptocurrency trading in November 2024, adding to its existing offerings in options, futures and ETFs linked 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 revenues of over €25 billion. The bank group’s market capitalization exceeds EUR 70 billion, which secures its position in both the Euro Stoxx 50 and the Euro Stoxx 50 Banks index.
The bank’s Bitcoin purchase takes place against the background of changed rules for cryptocurrency in Italy. The government has announced plans to raise the capital gains tax on cryptocurrencies from 26% to 42%, representing a 62% increase. This tax adjustment is part of wider revenue-raising 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 that the dollar index could drop in the coming weeks, potentially benefiting Bitcoin’s value.
In the US, the cryptocurrency market is anticipating potential policy changes with President-elect Trump’s upcoming inauguration. Reports suggest that Trump may issue a crypto-related executive order early in his second term, setting up a Presidential Cryptocurrency Council of about 20 industry leaders.
The €1 million investment represents a modest allocation for a banking institution of Intesa Sanpaolo’s size. But the move is in line with growing institutional interest in Bitcoin globally, after investments from companies like MicroStrategy and Japan’s Metaplanet.
The bank’s stock performance has improved significantly 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 over €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.
