Exposure to Bitcoin without direct ownership
The structured certificate of deposit offered by Saham Bank is denominated in dirhams and offers an investment period of three years. The entry ticket is set at 300,000 dirhams minimum for individuals. The particularity of the product lies in its partial capital protection mechanism. At maturity, the investor benefits from a guaranteed return of 90% of the amount invested, regardless of the evolution of the underlying.
The return then depends on the cumulative performance of the Bitcoin ETF over the three years of investment.
Three performance scenarios
THE first scenario occurs when the performance of the ETF is positive but remains less than or equal to 60% over the period. In this case, the investor recovers 90% of his capital as well as 100% of the performance achieved by the ETF.
In the second scenariowhen the cumulative increase in the fund exceeds 60%, the gain is capped. The investor then recovers 90% of his capital and a fixed coupon of 38%.
Finally, if the performance of Bitcoin is negative over three years, the investor only recovers 90% of the capital invested, without additional remuneration.
Banking on the institutional adoption of Bitcoin
To justify this positioning, Saham Bank highlights several factors favorable to Bitcoin. The bank first highlights the acceleration in institutional adoption since the authorization of spot Bitcoin ETFs in the United States in January 2024. According to the data cited, these products now total more than $100 billion in assets under management.
The establishment also mentions a macroeconomic environment marked by persistent inflationary pressures and an uncertain geopolitical context, particularly in the Middle East, which are reinforcing investor interest in alternative asset classes.
The programmed scarcity of Bitcoin constitutes another argument put forward. The total number of bitcoins is limited to 21 million units, while the halving occurring in April 2024 halved the rate of creation of new tokens. The next halving is expected in 2028, i.e. before the expiry of the proposed product.
For investment promoters, these characteristics gradually strengthen the positioning of Bitcoin as a potential form of “store of value” on a global scale, often compared to “digital gold”.
A controlled innovation but not without risk
If the product allows access to the Bitcoin theme in a regulated banking environment, it remains subject to several risks.
The first concerns partial protection of capital. The investor agrees to put 10% of his initial investment at risk in order to benefit from the performance potential of the underlying.
Furthermore, even if the certificate is denominated in dirhams, the exchange risk remains present in terms of perceived performance. Currency movements can therefore have a favorable or unfavorable impact on the final return.
