Italy’s top bank makes 1st bitcoin trade worth €1m

Italy’s largest bank, Intesa Sanpaolo has completed its first proprietary bitcoin trade, investing €1 million ($1.03 million) into the world’s largest cryptocurrency, according to an internal memo seen by Reuters on Tuesday.

The bank set up a digital assets trading desk in 2023 and began handling spot cryptocurrency trades last year. As of January 13, 2025, Intesa owns 11 bitcoin, the memo stated.

Bitcoin’s value more than doubled in 2024, driven by US regulatory approval for exchange-traded funds linked to its spot price and optimism over easing regulatory challenges under incoming US President Donald Trump.

Currently nearing the $100,000 mark, bitcoin is projected by some analysts to more than double its value by the end of 2025.

Attribution: Reuters

Subediting: Y.Yasser