“As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 Bitcoins.” This concise statement, found in an internal memo reviewed by Reuters, made rounds around the world. With assets of approximately $1 trillion, Intesa Sanpaolo is Italy’s biggest bank. The purchase, made through a proprietary trading desk for digital assets established by the lender in 2023, comes amid a wave of institutional interest in Bitcoin.
Crypto enthusiasts celebrated the announcement as further proof of the digital currency’s readiness for mainstream adoption while the bank’s CEO, Carlo Messina, was quick to downplay the investment as merely a test: “We want to be ready should any particularly sophisticated clients inquire about these investment options.” Yet, it is easy to regard Intesa Sanpaolo’s foray into the crypto space as more than just an experiment for a limited number of discerning individuals.
Indeed, following the hugely successful launch of the first Bitcoin ETF in the US last year and the cryptocurrency’s recent surge past $100,000, demand for convenient and secure access has reached unprecedented levels. Furthermore, newly inaugurated US president Trump has promised to reduce regulatory roadblocks for cryptocurrencies, and has taken steps to establish a “national digital assets stockpile” on par with the country’s strategic gold reserve. Bankers are keenly interested. Bank of America’s CEO Brian Moynihan, for example, said the industry will embrace crypto if proper guardrails are in place.
In the EU, Messina and his peers wrestle with a more cautious political and institutional environment. The Governor of the Bank of Italy, Fabio Panetta, says cryptocurrencies have no intrinsic value and are akin to a gamble. Similarly, the European Central Bank has repeatedly warned about the dangers of investing in digital currencies. ECB executive board member Isabel Schnabel remarked during a Q&A on X that the bank “is very unlikely to ever buy Bitcoin.”
But big and small players could force the central bankers’ hand. Months before Intesa Sanpaolo, BNP Paribas, the second largest European bank, disclosed its exposure to Bitcoin via investment in a spot ETF.
Crypto advocates say it is only a matter of time before the dam breaks.
