Italy’s Largest Bank Intesa Sanpaolo Invests $1M in Bitcoin

• On Monday, January 13, Intesa Sanpaolo, Italy’s largest banking group, made a significant move into the cryptocurrency space by acquiring 11 Bitcoin for approximately €1 million.
• Employees on 4Chan first leaked Intesa Sanpaolo’s Bitcoin acquisition, and later confirmed by Niccolo Bardoscia, the bank’s head of digital assets.

In 2025, Bitcoin adoption continues to grow globally, with the financial sector leading the charge. Intesa Sanpaolo, Italy’s largest banking group, has made history by purchasing 11 Bitcoins for approximately €1 million. This move is a significant milestone for both the bank and Italy, as it marks the first time a major Italian financial institution has made a direct investment in cryptocurrency.

The news of Intesa Sanpaolo’s Bitcoin (BTC) acquisition initially surfaced following an internal email leak on the online forum 4chan. The email, reportedly written by Niccolò Bardoscia, the head of the bank’s Trading and Investment division for Digital Assets, detailed the acquisition of 11 BTC. This speculation was later confirmed by Intesa Sanpaolo’s press office, who officially verified the purchase to the media.

While the banking group chose not to elaborate on its specific motivations or future strategies regarding Bitcoin, the purchase itself is a bold statement. It suggests a broader acceptance of Bitcoin within Italy, especially given that the country’s central bank governor, Fabio Panetta, has long expressed concerns about the security of digital assets like Bitcoin and Ethereum (ETH).

Intesa Sanpaolo’s move could encourage other financial institutions in Italy to reconsider their stance on cryptocurrency, potentially leading to a domino effect of adoption. 

Italy’s Growing Crypto Engagement

One of Intesa Sanpaolo’s most notable achievements in the blockchain space came in July 2024, when the bank successfully pioneered a €25 million digital bond issuance on the Polygon network. This move was made in collaboration with Cassa Depositi e Prestiti SpA, a state-owned Italian bank.

Building on its blockchain expertise, Intesa Sanpaolo broadened its digital asset services to introduce spot trading for clients. Prior to this expansion, the bank primarily provided crypto options, futures, and exchange-traded funds (ETFs), catering to clients who wanted to gain exposure to digital assets without directly owning cryptocurrencies.

As Intesa Sanpaolo advanced in the crypto space, Italy simultaneously updated its taxation framework for cryptocurrencies with the approval of Article 43 of Bill 1330. This new legislation sets the tax rate on digital asset capital gains at 26%, addressing a discrepancy from October 2024 when cryptocurrencies were not included in the original tax changes.

There had been concerns regarding a potential 42% tax increase on crypto capital gains; however, this was removed from the budget law. Instead, a 33% tax rate on capital gains from crypto and other assets will be implemented starting January 1, 2026. For 2025, the rate will remain at 26%, providing some predictability for crypto holders in the short term, even though the 33% rate may still be subject to change.

Moreover, the new legislation removes the €2,000 exemption threshold for crypto taxation. Previously, individuals were not required to declare or pay taxes on crypto capital gains under €2,000. With this exemption abolished, all crypto transactions, regardless of their size, must now be declared and taxed, potentially increasing tax obligations for small-scale investors. Meanwhile, Bitcoin is trading at $96,939, reflecting a 4.74% increase over the last 24 hours.