Intesa Sanpaolo Dips a Toe into Bitcoin: A Strategic Test

Italy’s largest bank, Intesa Sanpaolo, has taken its first step into bitcoin trading, purchasing €1 million worth of the cryptocurrency in what CEO Carlo Messina referred to as “a test.” As Reuters reports, This move marks a cautious entry into the digital assets space for the bank, which launched a proprietary trading desk for cryptocurrencies in 2023 and began handling spot trades last year.

According to an internal memo cited by Reuters, Intesa purchased 11 bitcoins on January, 13th. However, Messina was quick to clarify that the bank does not intend to become a major player in the cryptocurrency market. “As a wealth management company aspiring to rival UBS, we cater to sophisticated clients who may request exposure to these investments. To serve them effectively, we need some presence in the market,” Messina said.

Bitcoin’s value surged in 2024, exceeding $100,000, fueled by U.S. regulatory approval for spot exchange-traded funds and optimism surrounding policy changes under President Donald Trump. Analysts anticipate another significant price increase this year. Despite these market dynamics, Messina emphasized the bank's conservative stance. “This small trade is a test to manage potential client requests while imposing strict limits. Clients must demonstrate a clear understanding of the associated risks,” he explained. During a separate event, Messina cautioned non-professional investors and households against venturing into cryptocurrencies, stating firmly, “Don’t do it.”

The CEO also highlighted Intesa’s broader strategic direction, revealing plans to exceed 2024 financial expectations and develop a new multi-year strategy to be unveiled in 2026. He noted that Intesa’s position outside Italy’s banking consolidation efforts allows it to avoid complexities associated with mergers and integrations.