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Italy’s Largest Bank Buys $1 Million Worth of Bitcoin as Texas, Oklahoma Join List of US States Pondering Bitcoin Reserve

Italy’s largest banking institution, Intesa Sanpaolo, has reportedly acquired over 70 bitcoins, valued at around $1 million, as part of a broader effort to establish a state-owned bitcoin reserve.

The move comes amid a growing trend among several U.S. states, including Texas and Oklahoma, considering proposals to allocate a portion of their funds into bitcoin reserves.

Intesa Sanpaolo is said to have purchased the bitcoins through a third-party custodian, with plans to eventually transfer the holdings to a state-owned wallet. The bank is also reportedly considering the possibility of offering bitcoin-related services to its customers in the future.

The initiative to create a state-owned bitcoin reserve has gained momentum in recent months, with several states exploring the potential benefits of such a strategy.

In March, Wyoming became the first state to pass legislation authorising the creation of a Special Digital Asset Fund, which could allocate up to 10% of state revenues into approved digital assets, including bitcoin.

Other states, such as Texas and Oklahoma, have proposed similar measures, with varying approaches to the types of digital assets that could be included in the reserves.

The動きement has sparked interest from both crypto enthusiasts and traditional finance observers, highlighting the evolving landscape of financial strategies and the increasing adoption of digital assets in mainstream institutions.