Italian bank UniCredit has initiated the sale of a five-year principal-protected certificate linked to BlackRock’s $75 billion iShares Bitcoin 
$77,293 Trust ETF (IBIT ETF). This financial product is exclusively available to professional clients in Italy from July 1 to July 28, 2025. Investors can purchase the certificate with a minimum investment of $25,000. The certificate guarantees full principal protection until maturity while capping the yield at 85% of the ETF’s performance.
Certificate Structure and Protection Details
The certificate offered by UniCredit is denominated in U.S. dollars, providing investors with protection against fluctuations in the Euro. At maturity, the full principal amount is safeguarded, though the upside gain is capped at 85% of BlackRock’s fund performance. This means even if the ETF doubles in value, the earnings will only reflect up to 85%, as per the design.
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.
According to bank notes examined by Bloomberg, 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.
Banks Create Alternative Solutions
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.
