Intesa Sanpaolo, Italy's largest banking group, has made its first foray into the cryptocurrency market by purchasing 11 Bitcoin for approximately $1 million. This transaction, executed on January 13, 2025, marks a significant milestone as it represents the bank's inaugural online trading operation in digital assets.
The acquisition aligns with the recent implementation of the EU's MiCAR regulation on crypto-assets and coincides with the upcoming inauguration of Donald Trump as U.S. President, who has pledged to position the U.S. as a global cryptocurrency hub. Trump aims to establish a strategic reserve of Bitcoin and promote a more favorable regulatory environment for cryptocurrencies.
In a related development, the Meloni government has postponed an increase in capital gains tax on cryptocurrencies from 26% to 42%, now set at 33% for 2026. This decision may influence future investments by Italian savers, especially given the strong ties between Prime Minister Meloni and Elon Musk, a prominent supporter of the crypto sector.
According to Fabi's report, approximately 1.35 million Italians currently hold cryptocurrencies valued at €2.2 billion. Intesa Sanpaolo acquired the Bitcoin at around 11 AM on January 13, when prices hovered around $92,800, rising to $94,025 by 10:40 PM.
Niccolò Bardoscia, Head of Digital Assets Trading & Investments at Intesa Sanpaolo, expressed optimism about the move, indicating Italy's desire to take a prominent position in the crypto market. Over the past six months, Bitcoin's price has surged over 58%, surpassing $100,000, although recent fears of inflation and potential interest rate hikes have led to slight declines in its value.