Intesa Sanpaolo, Italy's largest bank, entered the crypto market by purchasing 11 Bitcoin for around 1 million euros. Carried out via Boerse Stuttgart Digital's institutional platform, this transaction, described as a “test” by its CEO, reflects the bank's desire to align with the demands of its institutional clients.
Intesa Sanpaolo makes its first investment in Bitcoin
Intesa Sanpaolo, Italy's largest bank, has made its first purchase of Bitcoin. The bank with 13.7 million customers acquired 11 BTC for a value of around 1 million euros ($1.03 million), an operation which marks a symbolic step for the banking institution, which is venturing into the field of digital assets with caution.
In any case, this is the message conveyed by Carlo Messina, CEO of Intesa Sanpaolo. “ It's an experience, a test, ” he said at an event in Milan, stressing that this transaction represents an insignificant sum compared to the 100 billion euros of assets held by the bank.
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He also clarified that this purchase is a way to explore the cryptocurrency market and prepare to meet the needs of customers who may be interested in it in the future. “ We will not become a Bitcoin provider, but we need to know how to respond if our institutional clients ask, » said Intesa CEO Sanpaolo.
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The 11 Bitcoins acquired by Intesa Sanpaolo were through the Boerse Stuttgart Digital institutional platform, a trading infrastructure dedicated to digital assets. This platform is specifically designed to meet the needs of financial institutions, providing a secure and compliant framework for cryptocurrency transactions.
Intesa Sanpaolo had already established a proprietary trading desk dedicated to digital assets in 2023, previously focusing on options, futures and exchange-traded funds linked to cryptocurrencies. This first spot purchase of Bitcoin, however, marks a clear expansion of the bank's activities on the subject..
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Niccolò Bardoscia, head of digital asset investments and trading at the bank, confirmed the acquisition of the Bitcoins in an internal email, now leaked on online forums such as 4chan. “ As of January 13, 2025, Intesa Sanpaolo holds 11 Bitcoin. Thank you all for your teamwork, this result would not have been possible without each of you, » he wrote.
Intesa's foray into Bitcoin comes against a backdrop of regulatory transformation in Europe. With the full implementation of MiCA across the European Union, financial firms now have a clearer framework for exploring the opportunities offered by digital assets.
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Source: Bloomberg
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