Key Takeaways
- Intesa Sanpaolo invested $1.02 million in Bitcoin.
- Bitcoin exchange reserves hit a seven-year low on January 13.
- MicroStrategy also purchased $243M worth of Bitcoin this month.
Intesa Sanpaolo, Italy’s largest banking institution, has become the first Italian bank to invest in Bitcoin, purchasing 11 BTC for approximately 1 million euros ($1.02 million) on January 13, 2025.
The news was revealed through a leaked internal email from Niccolò Bardoscia, the bank’s head of digital assets trading.
Bardoscia wrote:
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.
The bank later confirmed the acquisition with Wired.
Market context
This move comes amid rising institutional interest in Bitcoin, as highlighted by a notable decrease in Bitcoin exchange reserves to a seven-year low on the same day.
This trend, often referred to as a “supply shock,” occurs when strong buying demand coincides with diminishing Bitcoin availability, potentially driving up prices.
Institutional adoption
Other major players have also seized the opportunity presented by recent market corrections.
MicroStrategy, for example, recently purchased over $243 million worth of Bitcoin, bringing its holdings to over 450,000 BTC.
Market outlook
Despite ongoing concerns about macroeconomic influences, analysts remain optimistic about Bitcoin’s long-term potential, with some predicting a cycle high of over $150,000 by the end of 2025.
