Intesa Sanpaolo, the largest bank in Italy by assets, has made its first crypto investment, purchasing 11 BTC for over $1 million, according to a Reuters report.
The bank, which has a market capitalization of approximately $73 billion, confirmed the purchase in an internal communication on January 13, 2025. The message stated, “As of today, Intesa Sanpaolo owns 11 bitcoins.” This move signals the bank’s growing interest in the cryptocurrency market, as it has also been active in spot trading and established a proprietary trading desk in recent years.
Following the news, Intesa Sanpaolo’s stock price increased by more than 2%, signaling positive market sentiment.
Bitcoin (BTC), meanwhile, has rebounded, trading above $96,500 on Tuesday after a significant 5% drop on Monday, which saw prices dip to around $89,400.
