Italy’s Largest Bank Dives Into Bitcoin With €1 Million Investment Trial

Intesa Sanpaolo, Italy’s largest bank, acquired 11 Bitcoin for approximately €1 million ($1.02 million) on January 13th, 2025. 

This move marks the first time an Italian bank has directly invested in Bitcoin.

The acquisition was confirmed through an internal email from Niccolò Bardoscia, Intesa Sanpaolo's head of digital assets trading, who praised his team’s efforts by stating “as of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoin. Thanks to everyone for the teamwork, this result would not have been possible without each of you.” 

This decision comes amid increasing institutional interest in Bitcoin, as exchange reserves for the asset dropped to a near seven-year low on the same day. 

Despite the acquisition, Intesa CEO Carlo Messina has emphasized that the investment was a controlled experiment rather than a strategic shift.

Speaking during an event announcing a €200 billion business lending initiative in collaboration with Confindustria, Messina explained, "we won't become a Bitcoin player."

Messina clarified that Intesa’s exposure to Bitcoin would remain limited, with strict conditions in place for clients interested in similar investments to ensure they understand the risks. 

He also advised households and non-professional investors to avoid Bitcoin and cryptocurrency investments, saying, "don’t do it."

Intesa’s Bitcoin transaction highlights its cautious approach to the market, aligning with its broader strategy to focus on wealth management while leveraging its strengths in client services. 

The bank expects to exceed performance expectations in 2024 and plans to unveil a new multi-year strategy in 2026, steering clear of the consolidation challenges faced by other Italian banks.

This measured entry into Bitcoin reflects the growing institutional interest in digital assets while adhering to strict risk management practices.