Intesa Sanpaolo, Italy's largest banking group, enters the physical Bitcoin market

Intesa Sanpaolo, Italy’s largest banking group, has purchased 11 Bitcoins for approximately 1 million euros, marking the first direct transaction in physical cryptocurrency by an Italian bank. This operation represents a pivotal moment for the national banking sector, opening new avenues for integrating traditional finance with the crypto world.

“It was only a matter of time,” said Michele Mandelli, Managing Partner of CheckSig. “Intesa Sanpaolo’s crypto proprietary trading desk, active for two years now, had been operating exclusively with traditional instruments, such as ETPs. This first direct investment in physical Bitcoin ‘breaks a barrier,’ signaling a symbolic and operational shift, made possible by the MICA regulation, which provides a structured framework for banks to access the cryptocurrency market.”

Mandelli highlighted that the financial value of the transaction, around 1 million euros, is symbolic when compared to the scale of Intesa Sanpaolo, but the real significance lies in the pathway taken. Regardless of the amount, the bank has demonstrated its ability to implement the necessary operational processes to handle crypto, paving the way for future services.

“This initiative is not an isolated case. Other Italian and European banks are preparing similar moves. Proprietary trading is just the beginning: the ultimate goal is to offer innovative services to end customers, such as wallets, trading, and tax solutions” Mandelli added.

According to the OAM (Organismo Agenti e Mediatori), over two million Italians have accounts with cryptocurrency exchanges, with their crypto assets estimated at around 2 billion euros. “If – as BlackRock suggests – just 2.5% of savers’ portfolios were allocated to Bitcoin, the Italian crypto market could grow to over 150 billion euros, a two-order-of-magnitude increase compared to its current value. It’s no surprise that all institutions are exploring tailored offerings,” Mandelli noted.

CheckSig is at the forefront of supporting this transition. Its CheckSig Clear platform, designed for regulated intermediaries, provides banks with a technological solution to manage cryptocurrencies securely, simply, and in compliance with regulations.

“Intesa Sanpaolo has sent a strong message, indicating that the future has already begun. This step paves the way for a banking system that integrates cryptocurrencies into its client services, fostering innovation and competitiveness within the Italian financial system,” Mandelli concluded.

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