Intesa Sanpaolo, Italy's largest banking group, has purchased 11 Bitcoins for approximately 1 million euros (about US$1 million), marking the first time an Italian bank has made a direct investment in the cryptocurrency. The purchase was confirmed by the bank's press office following speculation from a leaked internal email. However, Intesa Sanpaolo has not disclosed its motivations or future strategies regarding Bitcoin. This investment positions Intesa Sanpaolo as a leader in the adoption of digital assets in Italy's traditional financial landscape, coinciding with a global increase in institutional interest in Bitcoin. The bank has been exploring blockchain and digital asset opportunities for nearly a decade and had recently participated in Italy’s first blockchain-based digital bond. The investment arrives just before the inauguration of President-elect Donald Trump, who has hinted at forming a national Bitcoin reserve, further contributing to the growing interest in cryptocurrencies among financial institutions.

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