Intesa Sanpaolo, Italy’s largest bank by assets with a market capitalization of $73 billion, has made its first venture into cryptocurrency by purchasing 11 BTC for over $1 million, as reported by Reuters.

The bank confirmed the acquisition in an internal message on January 13, 2025, stating, “As of today, Intesa Sanpaolo owns 11 bitcoins.” This marks a significant step for the financial giant, which has had a proprietary trading desk in place for several years and also engages in spot trading for other cryptocurrencies.

With this move, Intesa Sanpaolo strengthens its position in the growing crypto space. Its stock has seen a slight increase of over 2% today.

Meanwhile, Bitcoin (BTC) has rebounded, rising by 2% on Tuesday to trade above $96,500 after a sharp 5% decline on Monday, when it briefly fell to around $89,400.