UniCredit Launches Bitcoin Trust ETF-Linked Product for Italian Clients

UniCredit has introduced a structured investment product linked to BlackRock’s iShares Bitcoin Trust ETF, which has grown to $75 billion in assets since its approval in the U.S. in January 2024. The product, a five-year certificate denominated in U.S. dollars, offers full capital protection at maturity with returns capped at 85% of the ETF’s performance. The minimum investment required is $25,000, and the offering is limited to professional clients in Italy, running from July 1 to July 28.

This move by UniCredit comes as European banks seek alternatives to meet the rising demand for regulated crypto exposure in the absence of EU-approved spot Bitcoin ETFs. The bank’s product represents a cautious approach to client demand for digital asset exposure within a regulated product framework. It also highlights how ETF-linked strategies are being adopted by banks to meet growing interest in Bitcoin without direct ownership or wallet infrastructure.

Other European banks have also explored crypto-linked services. Intesa Sanpaolo conducted its first spot Bitcoin purchase in January and operates a trading desk. Banco Santander is considering digital asset services for retail clients through its online platform. The UniCredit certificate is one of the first examples of a major eurozone bank packaging exposure to a U.S.-based spot Bitcoin ETF for local clients under structured terms.

“We are seeing increasing interest from professional investors in instruments tied to emerging asset classes such as cryptocurrencies,” said Chicco di Stasi, head of Group Investment Product Solutions and Equity & Credit Sales and Trading at UniCredit. “With this product, we offer our professional clients a distinctive solution —the first of its kind in Italy,” said di Stasi.

European regulators have yet to approve their own spot Bitcoin ETFs. Structured certificates tied to foreign ETFs are emerging as a workaround. This approach allows banks to structure exposure without relying on unapproved local crypto products, aligning with current EU restrictions on spot Bitcoin ETFs.

The implications of offering capital-protected crypto products are significant. Capital protection appeals to risk-averse investors and signals an effort to normalize crypto within traditional finance. It also reflects caution around volatility while still engaging with digital asset demand. This measured shift indicates that traditional institutions are more likely to offer wrapped or hybrid products before committing to full-scale crypto offerings, especially in uncertain regulatory environments.