Saham Bank has made a significant stride in the Moroccan investment landscape by introducing a structured deposit certificate linked to the performance of Bitcoin. This innovative product allows investors to engage with the world’s leading cryptocurrency without the need to open a wallet or directly purchase Bitcoin. Investors can participate with a minimum investment of 300,000 MAD, and the product is designed to provide 90% capital protection at maturity, along with returns based on three potential scenarios.
The structured deposit is anchored to the iShares Bitcoin Trust (IBIT), an exchange-traded fund (ETF) initiated and managed by BlackRock. This ETF is listed on the Nasdaq and has received approval from the U.S. Securities and Exchange Commission (SEC), allowing it to mirror the price movements of Bitcoin effectively. As of the end of May 2026, the IBIT ETF managed nearly 60 billion dollars in assets, underscoring its significance in the cryptocurrency market.
Investment Structure and Scenarios
The investment is denominated in dirhams, with a nominal value of 100,000 MAD, and the minimum subscription amount for individual investors is set at 300,000 MAD. The investment horizon spans three years, during which the capital protection at maturity is guaranteed at 90%. Unlike direct Bitcoin investments, where the investor holds the cryptocurrency, this structured deposit allows investors to benefit from Bitcoin's price movements while capping the potential loss to 10% of the invested capital at maturity.
The returns associated with this product depend on the cumulative performance of the IBIT ETF over the three-year investment period. Three potential performance scenarios are outlined:
- If the performance is positive but does not exceed 60%, the investor will receive 90% of their capital back, in addition to the full realized performance of the ETF.
- Should the performance exceed 60%, the capital repayment remains at 90%, and the investor is entitled to a fixed coupon of 38%.
- If the ETF performance is negative at maturity, 90% of the invested capital will be returned.
Market Potential and Considerations
Saham Bank highlights several factors fueling investor interest in Bitcoin, including the rise of spot Bitcoin ETFs in the United States, increasing institutional adoption, and the inherent scarcity of the cryptocurrency, which is capped at 21 million units. The halving event that occurred in April 2024, which halved the rate of new Bitcoin creation, is also seen as a long-term supportive factor for the asset's price.
Moreover, Bitcoin has demonstrated an annualized return of around 35% over the past three years, with historical volatility ranging between 45% and 55%, indicating both the performance potential and the risks associated with this asset class. However, investors should be aware of the multiple risks embedded in this structured product, including credit risk related to the issuer and the dependency of final performance on the underlying asset's price movement. A significant drop in Bitcoin could result in a maximum return limited to 90% of the invested capital.
Additionally, since the underlying asset is denominated in dollars, there is a currency risk involved; fluctuations in the exchange rate may positively or negatively affect the perceived performance for the investor.
As reported by medias24.com.
