Italy’s Largest Bank Acquires $1M in Bitcoin

According to an internal memo reported by Reuters, on Monday, Italy’s largest bank, Intesa Sanpaolo, made its first proprietary trade in Bitcoin worth €1 million ($1.03 million).

Local news outlets also confirmed the news, highlighting that it marks the first time an Italian bank has directly invested in cryptocurrency. Intesa’s CEO, Carlo Messina, commented on the purchase during an event in Milan on Tuesday, describing it as “an experiment, a test.”

He emphasized that this investment is minimal compared to the bank’s $100 billion securities portfolio. Messina also stated that the bank is prepared for potential requests from sophisticated clients for similar types of investments.

However, Messina clarified that he personally has not invested in bitcoin. The bank reportedly established its crypto proprietary trading desk in 2023 and has since received necessary approvals and implemented technical systems to facilitate spot crypto purchases. Previously, the bank had only traded crypto options, futures, and exchange-traded funds.