Report: One of Italy’s Biggest Banks Makes $1M Bitcoin Purchase

Italy’s largest bank by assets, Intesa Sanpaolo, has made its initial move into the cryptocurrency market, purchasing 11 BTC for more than $1 million, as reported by Reuters.

With a market capitalization of around $73 billion, Intesa Sanpaolo ranks 247th among the top 250 most valuable companies globally. The purchase, confirmed in an internal message on January 13, 2025, marks a significant step for the bank, which previously set up a proprietary trading desk and has been active in spot trading for various cryptocurrencies.

The bank’s share price has risen by more than 2% today, reflecting growing interest in the financial institution.

Bitcoin itself has seen a slight rebound, up 2% on Tuesday, trading above $96,500. This follows a 5% drop on Monday, when the price briefly dipped to around $89,400.