Intesa Sanpaolo, Italy's largest banking group, has bought 11 bitcoins for nearly 1 million euros (1 million US dollars), becoming the first Italian bank to make a direct investment in cryptocurrencies.

The confirmation came from Intesa Sanpaolo's press office, following speculation that emerged earlier in the day after an internal email from the group was leaked on online forum 4chan.

The email, reportedly signed by Niccolò Pardoscia, the bank's head of digital asset trading and investment, explains the acquisition, according to the report. a report By Italian crypto news outlet Cryptocurrency.

While the purchase was confirmed, the banking group declined to provide details on its motives or potential future strategies related to Bitcoin, according to the report.

It is still unclear whether this move indicates the group's intention to expand into cryptocurrency services or is merely an exploratory investment in digital assets.

Intesa Sanpaolo did not immediately respond Decryption Request for comment.

The purchase represents a significant milestone for Italy's cryptocurrency sector, with Intesa Sanpaolo emerging as a leader in the adoption of digital assets within the country's traditional financial landscape.

Its investment also comes on the heels of growing institutional interest in Bitcoin globally.

Michael Saylor Accurate strategy And Japan Meta Planet It continued to gain assets ahead of President-elect Donald Trump's inauguration next week.

In Trump's election campaign a promise To create a national Bitcoin reserve, foster innovation within the United States, and formulate clear rules of the road for companies operating there.

Expectations are now growing for Trump to release a cryptocurrency-related issue Executive order During the opening hours of his second term to create a Presidential Cryptocurrency Council comprising about 20 industry leaders, Decryption I mentioned previously.

Across the pond

recently Regulatory clarity About digital assets in Europe The increasing adoption by financial institutions has created an environment where traditional players are more willing to experiment with blockchain technology.

Intesa Sanpaolo, which has been actively exploring blockchain and digital asset opportunities for nearly a decade, is no doubt keeping an eye on developments in the US abroad.

In July 2024, the bank subscribed to Italy's first blockchain-based digital bond worth €25 million ($25.6 million) issued by development bank Cassa Depositi e Prestiti on the Polygon blockchain.

It also expanded its trading division to include spot cryptocurrency trading in November, building on its previous involvement in options, futures and ETFs tied to digital assets.