Intesa Sanpaolo, Italy’s largest bank, buys 11 BTC

On January 13, Intesa Sanpaolo bought 11 BTC for about €1m. The deal was the Italian lender’s first direct cryptocurrency transaction, reports Wired Italia.

News of the purchase by the country’s largest bank emerged from leaked internal staff correspondence.

According to journalists’ findings, Intesa Sanpaolo executed the trade at a bitcoin price in the €89,000–91,000 range, before the rate dipped to a low of €88,496.

A bank representative confirmed the purchase and the approximate valuation, but declined to provide any further information.

Bitcoin reserves on the traditional market

Medical-technology company Semler Scientific bought an additional 237 BTC for $23.3m.

According to a press release, the purchases were made between December 10, 2024 and January 10, 2025 using proceeds from share sales and operating cash flow. The average price per coin was $98,267.

The Nasdaq-traded firm brought its total cryptocurrency reserves to 2,321 BTC. It has spent $191.9m on the stash — an average of $82,687 per coin.

On January 13, Hong Kong construction company Ming Shing announced the purchase of 500 BTC.

The trade was carried out on January 9 via Lead Benefit, a subsidiary incorporated in December in the British Virgin Islands. The investment in the digital gold totalled about $47m at an average purchase price of $94,375.

“We are confident that these investments will not only contribute to our growth, but also create substantial value for shareholders,” said Ming Shing director Wenjin Li.

On January 10, American spirits producer Heritage Distilling announced it was adopting a bitcoin standard. The company will allow online purchases to be paid in the first cryptocurrency and will begin investing in digital assets, keeping them as a strategic reserve.

The decision was approved by the board of directors. The firm has begun developing and implementing internal rules to underpin the policy.

“Heritage has always been an innovator, and we are once again leading in craft spirits as we prepare to accept bitcoin as payment for online purchases, as well as to acquire and hold cryptocurrency as an asset,” commented the company’s CEO Justin Stiefel.

In the fourth quarter of 2024, AI-based education company Genius Group increased the amount of cryptocurrency it holds to 319.4 BTC.

The group invested about $30m in digital assets (average price — $93,919). Purchases were made over six weeks after it announced a Bitcoin-first strategy on November 12. Under the plan, the firm commits to holding 90% of current and future reserves in digital gold. The initial target is $120m.

Public media company Thumzup Media said in early January it had bought ~9.8 BTC at $102,220 per coin, for roughly $1m.

ICYMI: Thumzup Buys $1 Million in Bitcoin to Diversify Liquid Assets.

✔️ Management is requesting board approval to hold up to 90% of liquid assets in #bitcoin
✔️ Coinbase’s prime platform serves as custodian for Thumzup’s #BTC
✔️ Thumzup expected to be added to The #HODL Top 70… pic.twitter.com/jg5TvibXR9

— Thumzup Media Corporation (@thumz_up) January 8, 2025

The firm also decided to hold 90% of its reserves in the first cryptocurrency. It intends to enable bitcoin payments to freelancers soon.

A 2025 trend?

According to BitcoinTreasures, at the time of writing 19 private and 77 public companies hold bitcoin on their balance sheets.

MicroStrategy leads corporations by the size of its reserves. The firm began accumulating cryptocurrency in August 2020 and has brought its holdings to 450,000 BTC, worth about $43.4bn.

At the state level, only El Salvador and Bhutan have adopted a bitcoin strategy. Fidelity analysts expect that number to grow in 2025.

The idea of forming a strategic BTC reserve was floated during the election campaign by US president-elect Donald Trump. The community has even proposed a mechanism that would allow the government to fund the initiative without the US Congress changing the law.

The need to create a reserve of the first cryptocurrency has been voiced in Russia’s State Duma and in the European Parliament. Former German finance minister Christian Lindner has also voiced support for the initiative.

Japan’s government, by contrast, has reacted sceptically to building reserves in cryptocurrency, citing the high volatility of digital assets.

Meanwhile, several experts believe that in 2025 the trend toward state and corporate adoption of bitcoin will widen. VanEck analyst Matthew Sigel and his colleagues believe the US will eventually create a national fund in the first cryptocurrency. According to a forecast by Forbes contributor and NovaBlock Capital partner Lior Shimron, at least one of the world’s largest economies will take such a step.

Experts surveyed by ForkLog have pointed to a trend toward the adoption of bitcoin strategies by governments and corporations.