Intesa Sanpaolo invests $1M in Bitcoin as first Italian bank

Intesa Sanpaolo has made headlines as the first Italian bank to invest in Bitcoin (CRYPTO:BTC), acquiring 11 BTC for approximately €1 million ($1.02 million) on January 13, 2025.

This investment comes shortly after Bitcoin surpassed the $100,000 mark in December.

The information was revealed through a leaked internal email from Niccolò Bardoscia, head of digital assets trading at Intesa Sanpaolo.

“As of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoins. Thanks to everyone for the teamwork, this result would not have been possible without each of you,” Bardoscia stated in the email.

While the bank has not commented extensively on the investment, it confirmed the acquisition to Wired.

The move is notable amid a growing trend of institutional interest in Bitcoin, particularly as exchange reserves have fallen to a near seven-year low.

This decline in reserves has led to expectations of a "supply shock," which occurs when strong demand meets a decreasing supply of Bitcoin, potentially driving prices higher.

Bitcoin has been trading below the $100,000 threshold since January 7.

Institutional investors are increasingly viewing this period as an opportunity to purchase Bitcoin at lower prices.

For instance, MicroStrategy recently acquired over $243 million worth of Bitcoin at an average price of $95,972.

Analysts have noted that while Bitcoin remains vulnerable to macroeconomic factors, there are predictions of a potential cycle high above $150,000 by late 2025.

This projection is based on expectations of a significant increase in the global money supply and potential investments into Bitcoin reaching $2 trillion.

At the time of reporting, the Bitcoin (BTC) price was $97,116.95.