Italy’s second-largest bank, UniCredit SpA has launched a capital investment certificate spanning a five-year time period. The product is tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT).
It appears that European banks are ready to move beyond their skepticism of cryptocurrencies and start participating meaningfully in the digital asset market as UniCredit SpA, one of Europe’s largest banking institutions with €748B ($881B) in assets, launches a new structured product tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT).
The product is exclusively targeted at professional clients and offers full capital protection at maturity. The five-year, dollar-denominated investment certificate will mirror the performance of BlackRock’s IBIT ETF.
UniCredit reveals capital protected Bitcoin ETF
According to a memo reviewed by Bloomberg News and confirmed by UniCredit, the certificate guarantees 100% capital protection at maturity while capping the maximum return at 85% of the ETF’s performance. The product is set to be available for subscription from July 1 to July 28, with a minimum investment requirement of $25,000.
While capped returns may not appeal to high-risk traders, they offer a palatable entry point for investors still wary of the notorious volatility of cryptocurrencies.
This kind of investment structure is often called a “capital-protected note,” and it is typically used in volatile or emerging asset classes where investor confidence may be low.
“We are seeing increasing interest from professional investors in instruments tied to emerging asset classes such as cryptocurrencies,” Chicco di Stasi, UniCredit’s head of Group Investment Product Solutions and Equity & Credit Sales and Trading, said. “With this product, we offer our professional clients a distinctive solution — the first of its kind in Italy.”
Bitcoin has outperformed much of the broader crypto market in 2025, and has gained approximately 14% year-to-date, while many smaller tokens have experienced steep losses.
The iShares Bitcoin Trust ETF (IBIT), launched by BlackRock, has played a pivotal role in mainstreaming Bitcoin investment. Since its approval by U.S. regulators in January 2024, the ETF has grown to over $75B in assets under management, making it one of the most successful exchange-traded funds of all time.
BlackRock, the world’s largest asset manager, has also launched a separate Bitcoin ETP in Europe.
Italian and European banks consider crypto expansion
European banks are cautiously stepping into the digital asset industry. Earlier this year, Intesa Sanpaolo SpA, Italy’s largest banking group, confirmed its first spot Bitcoin purchase and launched a digital asset trading desk for institutional clients.
Spain’s Banco Santander SA is also reportedly exploring options to expand its digital asset offerings. The bank is in early-stage planning to launch a stablecoin and provide access to cryptocurrencies for retail clients through its digital banking arm.
Across the European Union, regulatory clarity around digital assets has improved with the gradual rollout of MiCA, the Markets in Crypto-Assets regulation, which is aimed at bringing more transparency and consumer protection to the industry.
European investor interest in crypto is rebounding following a turbulent 2022 and 2023, which was marked by high-profile crypto firm bankruptcies and market volatility.
The success of UniCredit’s product could prompt the company to expand its digital asset offerings further and encourage even more European banks to follow suit.
