Bank of Italy Intesa Sanpaolo Makes Purchase of 1 Million Euros in Bitcoin

• Intesa Sanpaolo invests in 11 Bitcoin
• Purchase coincides with low supply and high demand
• Institutional interest in Bitcoin grows

Italy’s largest bank, Intesa Sanpaolo, made history by becoming the first Italian bank to invest in Bitcoin, acquiring 11 BTC for approximately €1 million ($1,02 million) on Jan. 13.

This strategic move came shortly after Bitcoin surpassed the $100.000 mark in December, highlighting a period of intense appreciation for the digital currency. At the time of publication, the price of Bitcoin was quoted at $96.541,44, up 5% in the last 24 hours.

The news, initially released through a internal email , was leaked by Niccolò Bardoscia, the bank's head of digital asset trading. The bank later confirmed the Bitcoin acquisition to the Press release on Wired.

Bardoscia expressed gratitude for the team’s collaboration: “As of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoins. Thank you all for your teamwork, this result would not have been possible without each and every one of you.”

Intesa Sanpaolo’s move comes at a time when institutional interest in Bitcoin is on the rise. On the same day as the purchase, Bitcoin exchange reserves hit their lowest level in nearly seven years. This phenomenon was exacerbated by cryptocurrency hedge funds that invested during the currency’s decline, anticipating a potential “supply shock.” This shock is characterized by high demand meeting a decreasing supply of Bitcoin, which usually results in an appreciation in the price of the cryptocurrency.