Overview

Italy's largest bank by assets, Intesa Sanpaolo, has made its first significant foray into cryptocurrency by purchasing 11 Bitcoins for roughly $1 million. This strategic move reflects the growing acceptance of cryptocurrencies within traditional financial institutions.

Key Points

• Intesa Sanpaolo's total market capitalization is around $73 billion, ranking it among the top 250 most valuable companies globally.
• An internal message from the bank confirmed, "As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoins."
• The bank has also established a proprietary trading desk dedicated to digital assets starting in 2023.
• Bitcoin's price is currently trading around $96,500, after a recent drop below $90,000.

Italy Italy (Tanya Lapko / Unsplash)

For more details, refer to the Reuters report.