UniCredit Launches Bitcoin Certificate With 100% Capital Protection

UniCredit SpA has introduced a structured investment product for professional clients in Italy, linked to BlackRock's iShares Bitcoin Trust ETF. This innovative product, available from July 1 to July 28, is designed to offer a structured investment opportunity with full capital protection at maturity. The certificate is denominated in US dollars and has a minimum investment threshold of USD25,000.00. It is a five-year investment, providing a critical feature for risk-averse institutions by offering Bitcoin’s upside without direct exposure to its volatility.

The product is structured to give investors access to digital asset markets without requiring direct crypto custody or wallet infrastructure. This low-friction access point is a significant advantage for institutions that are cautious about the regulatory and security risks associated with direct crypto investments. By linking its certificate to the iShares Bitcoin Trust ETF, UniCredit is anchoring its offering to one of the most established and liquid vehicles for Bitcoin exposure in traditional finance.

UniCredit’s move can be seen as a response to the shifting institutional demand for Bitcoin. The choice of a five-year term, full capital protection, and dollar denomination reflects a design meant to reassure cautious allocators who have long viewed crypto as an off-limits asset class. This product may solve the problem of compliant pathways to invest in Bitcoin for many asset managers who remain hesitant due to regulatory concerns.

The launch of this product also reflects a broader trend in European finance. Since BlackRock listed its Bitcoin ETP on Euronext Paris and Xetra in March, institutional interest has surged. However, many asset managers still lack compliant pathways to invest in Bitcoin. UniCredit’s product may serve as a blueprint for other risk-averse European banks, providing a familiar, capital-protected format for Bitcoin exposure. If successful, it could encourage more institutions to enter the digital asset market, potentially reshaping European finance.

Chicco Di Stasi, UniCredit’s Global Wealth Management Head, noted the high interest in crypto-based products among professional investors and described the certificate as a first in Italy. He emphasized that full principal protection reduces experimental risks. Investors could place orders during the demand gathering period starting July 1. The issue price is benchmarked to the ETF’s closing value, with trading ending on August 5.

UniCredit’s initiative highlights how banks are offering indirect solutions in scenarios where European approval for a spot Bitcoin ETF is still pending. Intesa Sanpaolo has carried out its first spot Bitcoin purchase, and Banco Santander is considering providing cryptocurrency services through its online platform. Certificates linked to the iShares Bitcoin Trust temporarily fill the regulatory gap.

Experts say principal-protected structures allow institutional investors to invest in cryptocurrencies without needing wallet infrastructures. The traditional securities format simplifies trading and custody, indicating the potential for UniCredit’s approach to become more widespread in banking. As the European Union prepares its MiCA regulation for clearer cryptocurrency guidelines, major banks prefer to utilize foreign ETFs as bridging products to preemptively meet customer demand.