Italy’s largest bank, Intesa Sanpaolo, has completed its first proprietary bitcoin trade, investing $1.03 million into the world’s leading cryptocurrency, according to an internal memo. The document, which Reuters reviewed, revealed that the bank now owns 11 bitcoin as of January 13, 2025.
Intesa launched a proprietary trading desk for digital assets in 2023 and began handling spot cryptocurrency trades last year. This milestone signals the bank’s growing commitment to the digital asset space.
Bitcoin’s value surged more than 100% in 2024, driven by the U.S. Securities and Exchange Commission’s approval of exchange-traded funds tied to bitcoin’s spot price and optimism surrounding regulatory changes under incoming U.S. President Donald Trump. Currently hovering near the $100,000 mark, analysts predict bitcoin could more than double in value by the end of 2025.
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