Intesa Sanpaolo, Italy's largest bank by total assets, purchased bitcoin worth €1 million ($1.03 million) on Monday in its first proprietary crypto trade, Reuters reported Tuesday, citing an internal memo.
"As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoin," the memo reportedly said. Local outlets, including La Stampa and Criptovaluta.it, also reported the news, saying it marks the first time an Italian bank has directly acquired cryptocurrency.
Intesa's CEO, Carlo Messina, described the purchase as "an experiment, a test" on the sidelines of an event in Milan on Tuesday, according to La Stampa. He noted that the investment is minimal compared to the bank's $100 billion securities portfolio. "This shows there can be some attention to digital channels, but with very limited investment amounts," Messina said. "It also demonstrates that we are prepared if certain sophisticated clients request this type of investment."
Messina clarified that he personally has not invested in bitcoin.
Intesa Sanpaolo reportedly set up its crypto proprietary trading desk in 2023 — trading digital assets with its own funds rather than on behalf of clients — and, as of last November, received the necessary internal approvals and implemented technical systems to facilitate spot crypto purchases. Previously, it had only traded crypto options, futures, and exchange-traded funds.
The news of Intesa's bitcoin purchase was reportedly first leaked on the online forum 4Chan, where an internal email from Niccolo Bardoscia, the bank's head of digital assets trading and investments, was shared. It was later confirmed by local outlets and Reuters.
Intesa did not immediately respond to The Block's request for comment.
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