Italy’s Largest Bank Makes History With €1M BTC Purchase: Report

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It seems that Italy’s leading financial entity, Intesa Sanpaolo, is said to have acquired approximately 1 million euros‘ worth of Bitcoin.

As an analyst, I’m excited to announce that this transaction represents my bank’s initial direct purchase of cryptocurrency within our country. This move could signal a shift in our traditional, conservative stance towards digital assets, possibly paving the way for further integration and acceptance of these technologies.

Breaking Tradition

Speculation about the potential acquisition initially surfaced on 4chan, following a post by a user who published what appeared to be emails from Intesa’s head of digital asset trading and investment, Niccolò Bardoscia.

In simpler terms, the messages revealed Bardoscia expressing joy over the achievement and acknowledging the joint efforts put into the operation. One message read, “We now own 11 Bitcoins thanks to everyone’s collaborative work.

As reported by Wired Italia, a bank official confirmed the transaction details, stating that the bank acquired approximately 11 Bitcoin for roughly $1.03 million.

This entity has a good deal of experience with cryptocurrencies. They were the ones who facilitated Italy’s inaugural on-chain digital bond, valued at $25.6 million, through the Polygon network back in July 2024. Later on in that same year, they began providing options, futures, and exchange-traded funds (ETFs) tied to digital assets via a specialized desk.

Observers see Bitcoin’s acquisition as a challenge to Italy’s traditional stance on digital currencies, an attitude that seems to be embodied by the country’s central bank governor, Fabio Panetta.

According to reports, the 65-year-old economist has shown doubts regarding the inherent worth and safety of these items, referring to them as risky investments that are prone to fraud and cyber threats.

Institutional Adoption

Intesa Sanpaolo, much like MicroStrategy, is entering Bitcoin (BTC) as institutional interest in cryptocurrencies swells. On Monday specifically, MicroStrategy, an American software company, purchased another 2,530 coins for $243 million, adding to their existing 450,000.

In a similar vein, Metaplanet, a Japanese investment firm, has revealed intentions to increase its Bitcoin holdings to 10,000 units. Concurrently, energy storage company KULR Technology Group has pledged to invest up to 90% of its excess cash into the digital currency.

Last year on Boxing Day, the organization made a significant purchase, acquiring over 217 coins worth approximately $21 million. Their CEO, Michael Mo, emphasized the coin’s usefulness as a protective measure against potential inflation and geopolitical turmoil.

Semler Scientific, a company specializing in medical equipment, has also employed a profitable Bitcoin savings plan. During the period from December 16, 2024, to January 10, 2025, they purchased approximately 237 Bitcoins for over $23 million. This addition increased their total holdings to 2,321 coins valued at roughly $224.4 million at the current market price.

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2025-01-15 07:56