Key Points:
- Italian bank Intesa Sanpaolo has made its first direct Bitcoin purchase, acquiring 11 Bitcoin valued at approximately €1 million.
- The bank, which previously focused on crypto derivatives, gained approval in late 2024 to begin spot Bitcoin trading.
Italian bank Intesa Sanpaolo just made its maiden direct purchase of Bitcoin, buying 11 Bitcoins valued at some €1 million, or $1.03 million.
Read more: Italy Considers Reducing Proposed Italy Crypto Tax to 28%
Italian Bank Intesa Sanpaolo Enters Spot Bitcoin Market
The purchase, confirmed in an internal email from Niccolò Bardoscia, head of digital asset trading and investments at Intesa, showed a commitment to the growing cryptocurrency market by the bank.
Italian bank Intesa Sanpaolo established an in-house crypto trading desk in 2023 under the CIB. Although it had traded in crypto options, futures, and exchange-traded funds, the bank internally approved buying spot cryptocurrency starting last November.
EU Regulations and Bitcoin Surge Drive Institutional Adoption
Bitcoin turned increasingly attractive amid a meteoric rise in 2024, fueled by the endorsement of U.S. regulators of exchange-traded funds linked to its spot price.
The digital asset has more than doubled in value this year, nearly reaching $100,000. Analysts expect further growth in 2025 on optimism over looser regulations from U.S. President Donald Trump.
The move comes as the European Union has just adopted its first bloc-wide cryptocurrency regulations. This wide-ranging framework, finalized last month, is likely to pave the way for more financial institutions to embrace digital assets across Europe.
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