Italy’s largest banking institution, Intesa Sanpaolo, has reportedly bought Bitcoin worth €1 million.

The transaction marks the first direct cryptocurrency purchase by a bank in the country, potentially reshaping its cautious approach to digital assets.

Breaking Tradition

Rumors of the acquisition first emerged on 4chan after a user shared screenshots of emails attributed to Intesa’s head of digital asset trading and investment, Niccolò Bardoscia.

The messages showed Bardoscia celebrating the accomplishment and commending the collaboration behind the operation, with one email reading, “As of today, Intesa Sanpaolo owns 11 Bitcoins. Thank you all for your teamwork.”

According to Wired Italia, a bank representative verified the purchase details, acknowledging that the institution obtained 11 BTC for about $1.03 million.

The entity is no stranger to crypto, having used the Polygon network to underwrite Italy’s first on-chain digital bond, worth $25.6 million, in July 2024. Later that year, it started offering options, futures, and spot exchange-traded funds (ETFs) linked to digital assets via a dedicated desk.

Market watchers view its BTC purchase as a defiance of Italy’s conservative approach towards digital assets, a perspective seemingly personified by the country’s central bank governor, Fabio Panetta.

The 65-year-old economist is reported to have expressed skepticism about the intrinsic value and security of such products, labeling them as speculative and vulnerable to fraud and cybersecurity risks.

Institutional Adoption

Intesa’s foray into BTC coincides with a growing trend of institutional interest in cryptocurrencies pioneered by MicroStrategy. On Monday, the U.S.-based software giant bought an additional 2,530 coins for $243 million, bringing its total holdings to 450,000.

Similarly, Japanese investment firm Metaplanet recently announced plans to expand its Bitcoin reserves to 10,000 units. Meanwhile, energy storage company KULR Technology Group committed to allocating up to 90% of its surplus cash into the cryptocurrency.

The organization started by buying more than 217 coins for $21 million on Boxing Day last year, with its CEO, Michael Mo, highlighting the asset’s utility as a hedge against inflation and geopolitical instability.

Medical equipment manufacturer Semler Scientific has also had a successful Bitcoin treasury strategy. Between December 16, 2024, and January 10, 2025, it acquired 237 BTC for more than $23 million, bringing its entire stash to 2,321 coins worth about $224.4 million at the current price.