Intesa Sanpaolo, Italy’s largest banking group, has purchased approximately €1m worth of Bitcoin in a country-first by a banking entity.
The 11 Bitcoins secured by Intesa Sanpaolo will complement its crypto proprietary trading desk which has so far seen the operation provide crypto exchange traded products (ETPs) and engage in blockchain-based transactions.
The Italian bank stated that its purchase of the 11 Bitcoins represents a “pivotal moment for the national banking sector, opening new avenues for integrating traditional finance with the crypto world”.
“It was only a matter of time,” said Michele Mandelli, Managing Partner of CheckSig, who helped support the transaction.
“Intesa Sanpaolo’s crypto proprietary trading desk, active for two years now, had been operating exclusively with traditional instruments, such as ETPs.
“This first direct investment in physical Bitcoin ‘breaks a barrier,’ signalling a symbolic and operational shift, made possible by the MICA regulation, which provides a structured framework for banks to access the cryptocurrency market,” Mandelli continued.
“This initiative is not an isolated case. Other Italian and European banks are preparing similar moves. Proprietary trading is just the beginning: the ultimate goal is to offer innovative services to end customers, such as wallets, trading, and tax solutions.”
CheckSig noted that the financial value of the transaction is symbolic of Intesa Sanpaolo’s crypto ambitions when compared to its overall scale and the rising adoption of digital currencies in Italy.
According to the Organismo Agenti e Mediatori (OAM), Italy’s financial regulator, more than two million Italians have accounts with crypto exchanges. The total value of crypto assets across all these accounts is estimated to exceed €2bn.
Intesa Sanpaolo has been at the forefront of the crypto and blockchain innovation in the country, being one of the banks last year to help facilitate a €25m digital bond backed by the Ethereum blockchain Polygon.
The digital bond was settled in euros the same day via T+0 settlement services using the Bank of Italy’s TIPS Hash Link which enables interoperability between traditional and blockchain payment rails.
“Intesa Sanpaolo has sent a strong message, indicating that the future has already begun. This step paves the way for a banking system that integrates cryptocurrencies into its client services, fostering innovation and competitiveness within the Italian financial system,” Mandelli concluded.