tl;dr
European bank UniCredit is launching a five-year, dollar-denominated investment product linked to BlackRock’s spot Bitcoin ETF, offering full capital protection at maturity for professional clients. BlackRock's European spot Bitcoin product debuted in March, with its U.S. counterpart managing over $...
European banking giant UniCredit is making a significant entry into the cryptocurrency space by launching a structured product tied to BlackRock’s spot Bitcoin exchange-traded fund (ETF), according to an internal memo reported on July 1. This new offering gives professional clients access to a five-year, U.S. dollar-denominated investment certificate linked to BlackRock’s iShares Bitcoin Trust (IBIT), with a full capital protection guarantee at maturity.
BlackRock's spot Bitcoin product debuted in Europe in March, trading under the symbols “IB1T” on Euronext Paris and Xetra, and “BTCN” on Euronext Amsterdam. Its U.S.-registered counterpart, the IBIT fund, has amassed more than $73 billion in assets, making it the leading crypto-linked financial product by investment capital.
This move aligns with a broader trend in Europe where banks increasingly embrace digital assets, spurred by the EU’s Markets in Crypto-Assets (MiCA) framework coming into effect. Following suit, Deutsche Bank announced plans to launch institutional crypto custody services in 2026, while also exploring stablecoin issuance and blockchain payment initiatives in compliance with MiCA guidelines.
Additionally, Germany’s Sparkassen-Finanzgruppe, representing local savings banks with over 50 million customers, aims to introduce regulated crypto trading for retail clients by summer 2026, focusing on popular assets such as Bitcoin and Ethereum. Clearstream, Deutsche Boerse’s custody division, started offering Bitcoin and Ethereum settlement and custody services to institutional clients earlier this year.
In France, Societe Generale is expanding its efforts in digital finance by launching a dollar-pegged stablecoin, USD CoinVertible, through its SG-FORGE subsidiary. Spain’s BBVA, previously cautious regarding cryptocurrencies, now recommends affluent clients allocate between 3% and 7% of their portfolios to Bitcoin and Ethereum and has secured approval to offer crypto trading services.
Despite these advances, European regulators maintain a cautious stance. ECB Governor Fabio Panetta recently highlighted reputational risks associated with crypto activities within regulated banks. He emphasized the necessity of managing investor expectations carefully and considering the introduction of a digital euro to maintain public trust in the financial system.