Italy’s Largest Bank Intesa Sanpaolo Enters Cryptocurrency Market

Intesa Sanpaolo, Italys leading bank by assets, has entered the cryptocurrency market with a direct investment in Bitcoin, marking a pivotal moment in Italian banking. The bank disclosed its acquisition of 11 Bitcoin, valued at €1 million ($1.03 million), through an internal memo dated January 13, 2025.

Speaking in Milan, CEO Carlo Messina described the move as “an experiment” to explore the potential of digital assets. “This demonstrates attention to digital channels, but the investment remains modest compared to our $100 billion securities portfolio,” Messina emphasized.

Intesa's First Spot Crypto Trade

While Intesa Sanpaolo established a crypto trading desk in 2023 and engaged in trading derivatives and ETFs, this marks its first direct Bitcoin purchase. Following months of internal preparation and technical upgrades, the bank executed the trade, underscoring its cautious yet forward-looking approach to digital assets.

The news initially surfaced on 4Chan via an internal email from Niccolo Bardoscia, Intesa‘s head of digital assets trading. It was later confirmed by credible sources such as La Stampa, Criptovaluta., and Reuters. Messina clarified the bank’s intent: “This is about preparing for future client interest, not personal investments in Bitcoin.”

Italian Crypto Tax Debate

This strategic move coincides with Italys reconsideration of a proposed tax hike on cryptocurrency capital gains. The government initially planned to increase the rate from 26% to 42%, but criticism from the crypto industry and internal political disputes prompted a likely reduction.

Key lawmakers Giulio Centemero and Treasury Junior Minister Federico Freni, from the co-ruling League party, advocated for maintaining the current 26% rate, citing concerns over driving crypto activity underground. “No more prejudices about cryptocurrencies,” they stated in a joint declaration.

The revised proposal could lower the rate to 28%, significantly affecting revenue projections. Last years introduction of a 26% tax on crypto gains exceeding €2,000 brought in $18 million annually, and lawmakers aim to strike a balance between fiscal policy and market growth.

Final Thoughts

Intesa Sanpaolos entry into the cryptocurrency market signals a transformative shift for traditional banks in Europe. As Italy reconsiders its crypto tax policy, the nation stands at a crossroads between fostering innovation and maintaining fiscal responsibility.