In yet another sign of the leading cryptocurrency’s growing prominence, Intesa Sanpaolo, Italy’s largest bank, has bought $1 million Bitcoin. The acquisition was actually the first of its kind for the financial institution, according to an internal memo.
The total purchase of $1.03 million gave the bank a total of 11 BTC, according to one This is reported by Reuters. Additionally, local news outlets have reported that Intesa Sanpaolo has officially become the first Italian bank to buy any cryptocurrency directly.
JUST IN: 🇮🇹 Italy’s largest bank, Intesa Sanpaolo, buys Bitcoin for 1 million dollars.
— Watcher.Guru (@WatcherGuru) 14 January 2025
Italy’s largest bank buys Bitcoin in ground-breaking move
The cryptocurrency market entered 2025 after its most important year to date. A year ago, the US approved the first crypto-based ETF, setting the asset class on a new trajectory. Just eleven months later, Bitcoin would rise to a six-figure price for the first time in history.
Interestingly, the asset is only expected to continue increasing in value this year. With pro-crypto candidate Donald Trump emerges victorious in the 2024 election, favorable regulation is expected.
With the market expecting big things this year, there is no shortage of companies taking advantage of what is a clearly advantageous entry point. Among them is now Intesa Sanpaolo, which has officially bought Bitcoin for 1 million dollars.
According to a report, the largest bank in Italy has bought 11 BTC. The move is the first of its kind and groundbreaking for the country. In addition, Intesa CEO Carlo Messina called the purchase “an experiment, a test. In addition, he assured that the investment carried little risk compared to its $100 billion in securities.
“This shows that there may be some attention to digital channels, but with very limited amounts of investment,” Messina told reporters on Tuesday. “It also shows that we are prepared if some sophisticated customers demand this kind of investment.”
