UniCredit Launches Bitcoin-Linked Investment Certificate for Professionals

UniCredit SpA, Italy’s second-largest bank, has introduced a capital investment certificate with a five-year duration. This product is linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT).

This move indicates that European banks are prepared to overcome their initial skepticism towards cryptocurrencies and actively participate in the digital asset market. UniCredit, with €748 billion in assets, has launched a structured product tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT).

The product is designed exclusively for professional clients and offers full capital protection at maturity. The five-year, dollar-denominated investment certificate will track the performance of BlackRock’s IBIT ETF.

The certificate guarantees 100% capital protection at maturity while limiting the maximum return to 85% of the ETF’s performance. The product will be available for subscription from July 1 to July 28, with a minimum investment requirement of $25,000.

While the capped returns may not attract high-risk traders, they provide a more accessible entry point for investors who are cautious about the volatility of cryptocurrencies. This investment structure, known as a “capital-protected note,” is commonly used in volatile or emerging asset classes where investor confidence may be low.

Chicco di Stasi, UniCredit’s head of Group Investment Product Solutions and Equity & Credit Sales and Trading, noted, “We are seeing increasing interest from professional investors in instruments tied to emerging asset classes such as cryptocurrencies. 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, gaining approximately 14% year-to-date, while many smaller tokens have experienced steep losses.

The iShares Bitcoin Trust ETF (IBIT), launched by BlackRock, has been instrumental in mainstreaming Bitcoin investment. Since its approval by U.S. regulators in January 2024, the ETF has grown to over $75 billion 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.

European banks are cautiously entering 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 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 aims to bring 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.