Catenaa, Thursday, 16, 2025 – Banca Intesa Sanpaolo, Italy’s largest bank by assets, has made its first direct cryptocurrency investment, purchasing 11 bitcoins worth approximately €1 million ($1.02 million). The landmark move was revealed in a Wired Italia report, marking a significant development in Italy’s financial sector.
Niccolò Bardoscia, head of digital assets trading and investments at Intesa Sanpaolo, confirmed the purchase in an internal memo, praising his team’s efforts but withholding details about the bank’s broader cryptocurrency strategy.
This marks the first direct crypto transaction by an Italian credit institution, following the bank’s decision last year to expand its digital assets desk to include crypto spot trading. While the spot trading platform is not yet operational, the bank has partnered with Ripple Custody to support tokenized asset custody.
The timing of Intesa’s investment coincides with Italy’s recent overhaul of cryptocurrency taxation laws. The Senate approved a 26% tax rate on crypto capital gains for 2025, with a further increase to 33% slated for 2026. These measures align with the European Union’s MiCA regulations, which aim to standardize crypto oversight across member states.
Intesa’s move reflects a growing trend of traditional financial institutions venturing into digital assets, signaling a potential shift in the European banking sector’s approach to cryptocurrencies.
While Bardoscia did not elaborate on the bank’s next steps, the purchase underscores the increasing role of digital assets in mainstream finance.
The original report by Wired can be seen here
