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One of Italy's Largest Banks Buys $1M Worth of Bitcoin: Report
Banking giant Intesa Sanpaolo, which has a market cap of $73 billion, has made its first crypto purchase.
What to know:
- Italy's largest bank by assets, Intesa Sanpaolo, has purchased 11 BTC worth $1 million.
- Intesa set up a proprietary trading desk for digital assets back in 2023
Bitcoin (BTC), continues to get further entrenched into the traditional finance system. Italy's largest bank by assets, Intesa Sanpaolo, has bought 11 BTC for over $1 million, according to a Reuters report.
Reuters saw an internal message that said, "As of today, Jan. 13, 2025, Intesa Sanpaolo owns 11 bitcoins".
Intesa Sanpaolo currently has a market capitalization of roughly $73 billion, putting it at 247 out of the top 250 most valuable companies. The share price is slightly higher today, up over 2%.
According to Reuters, Intesa has had a proprietary trading desk in place for the past few years and also handles spot trading for other cryptocurrencies.
BTC is up 2% on Tuesday, trading over $96,500, after plunging over 5% on Monday, touching a low of around $89,400.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
