Italy’s second-largest bank is inviting pros to tap Bitcoin’s gains while avoiding its chaos. The investment vehicle, linked to IBIT, adds credibility to a market still wrestling with regulatory caution.
According to a Bloomberg report on July 1, UniCredit SpA will issue a five-year, dollar-denominated investment certificate tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT), exclusively for professional clients in Italy.
The offering, available from July 1 to 28, includes full capital protection at maturity, providing a critical feature for risk-averse institutions. Unlike speculative crypto products, this structured note is designed to give investors Bitcoin’s (BTC) upside without direct exposure to its notorious volatility.
Citing an internal memo, Bloomberg noted that the structured product will serve as a low-friction access point to digital asset markets, without requiring direct crypto custody or wallet infrastructure.
Why UniCredit’s Bitcoin bet could reshape European finance
UniCredit’s move can be interpreted as a calculated response to shifting institutional demand. BlackRock’s IBIT, now holding over $73 billion in assets according to SoSoValue data, has proven that Bitcoin is no longer a fringe gamble but a mainstream allocation.
By linking its certificate to IBIT, UniCredit is anchoring its offering to what is arguably the most established and liquid vehicle for bitcoin exposure in traditional finance today. The choice of a five-year term, full capital protection, and dollar denomination reflects the kind of design meant to reassure cautious allocators who’ve long viewed crypto as an off-limits asset class.
For Italy’s wealth managers, that’s an elegant solution: all the upside, none of the regulatory or security risks.
The bank’s decision also reflects a broader trend in European finance. Since BlackRock listed its Bitcoin ETP on Euronext Paris and Xetra in March, institutional interest has quietly surged. But many asset managers remain hesitant because they lack compliant pathways to invest.
UniCredit’s product may solve that problem by wrapping Bitcoin exposure in a familiar, capital-protected format. If successful, it could become the blueprint for other risk-averse European banks still sitting on the sidelines.
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