Italy’s Largest Bank Makes $1M Investment in BTC

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On Monday, Intesa Sanpaolo, Italy’s largest bank, made its first proprietary trade in the world’s largest digital currency, buying 1 million euros worth of Bitcoin.

This was described as a test by CEO Carlo Messina. In 2023, Intesa created a proprietary trading desk for digital assets and began handling spot trades with cryptocurrencies.

According to an internal memo seen by Reuters, Intesa bought 11 Bitcoins on Monday. During an event to introduce a new agreement with employers’ lobby Confindustria, Messina told reporters that Intesa does not plan to become a major player in the Bitcoin market, but they recognized the need to have a presence for their sophisticated clients who may show interest in this type of investment.

Bitcoin’s value doubled in 2024 due to the US market regulator’s approval for exchange-traded funds linked to its spot price and the expectation of fewer regulatory barriers under the new US President, Donald Trump. With the current market trend, some analysts anticipate another doubling of Bitcoin’s value this year.

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