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The largest bank in Italy is also joining in! Intesa Sanpaolo invests 1 million euros to buy BTC as a 'trial run'
Intesa Sanpaolo, the largest bank in Italy by assets, has taken practical action to enter the encryption currency market! According to Reuters, the bank spent 1 million euros (approximately 1.03 million US dollars) to buy BTC for the first time on January 13, officially opening the "experimental journey" in the digital asset field.
From the beginning of the experiment, paving the way for the future
An internal memo states that "as of January 13, 2025, Intesa Sanpaolo held a total of 11 BTC", although the investment amount is not large, but the move is the first of its kind in the Italian banking sector and symbolizes a new breakthrough in the exploration of digital assets by traditional financial institutions.
CEO Carlo Messina mentioned at an event in Milan that this investment is "an experiment, a test," and emphasized that compared to the bank's massive $100 billion securities investment portfolio, this investment is insignificant in scale. He said:
This investment reflects our concern for digital assets, but the investment amount is very limited. More importantly, it also demonstrates our readiness to meet the investment needs of some high-end clients.
In addition, he also specifically added that he did not personally invest in Bitcoin.
From futures to spot, fully deploying encryption currency trading
In fact, Intesa Sanpaolo is not new to the field of cryptocurrency trading. As early as 2023, the bank established a dedicated digital asset trading department, mainly using its own funds for trading, and ventured into cryptocurrency options, futures, and ETFs. However, it was not until November last year, after obtaining internal approval and establishing relevant technical systems, that it was able to formally enter the cryptocurrency spot trading market.
The news of Intesa Sanpaolo's purchase of BTC was originally exposed on the well-known forum 4Chan, and an internal email sent by Niccolo Bardoscia, the bank's digital asset trading manager, accidentally leaked, sparking widespread discussion. The news was later confirmed by local media and Reuters, becoming a hot topic in the Italian financial community.
The largest bank in Italy is also joining in! Intesa Sanpaolo invests 1 million euros to buy BTC 'testing the waters'. This article was first published in 'Blocklike'.