European bank UniCredit will offer its professional clients a structured product tied to BlackRock’s popular spot Bitcoin exchange-traded fund, according to Bloomberg.
In what appears to be an effort to meet demand for European clients wishing to invest in digital assets through traditional financial channels, UniCredit plans to issue a “five-year, dollar-denominated investment certificate” tied to BlackRock’s Bitcoin ETF, ticker symbol IBIT, Bloomberg reported.
The product “will offer a 100% capital protection at maturity,” Bloomberg reported, citing an internal memo confirmed by UniCredit.
Since spot Bitcoin ETFs launched at the beginning of last year the merging of traditional finance and digital assets has been gradually accelerating. BlackRock’s spot Bitcoin ETF is by far the most successful financial product tied to cryptocurrency to date, when judged by investment capital. The firm’s IBIT fund has over $73 billion in assets under management, according to The Block Data Dashboard.
BlackRock launched a spot Bitcoin exchange-traded product in Europe in March. The ETP was listed on Euronext Paris and Xetra under the “IB1T” ticker as well as on Euronext Amsterdam under “BTCN.”
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