HANetf launches worldās first euro-hedged Bitcoin ETP in Europe
The Arrow Bitcoin EUR Hedged ETC gives euro-based investors Bitcoin exposure without the currency headache, listing on Euronext Paris and Xetra.
European investors who want Bitcoin exposure but don’t want to bet on the dollar at the same time just got a new option. HANetf has listed what it calls the world’s first euro-hedged Bitcoin exchange-traded commodity, trading under the ticker EBTC on both Euronext Paris and Xetra.
The product, formally named the Arrow Bitcoin EUR Hedged ETC, began trading on Euronext Paris on September 29 and on Xetra the following day. It carries a total expense ratio of 49 basis points plus a small daily FX hedging cost, and it uses HSBC to handle the currency hedging that strips out EUR/USD volatility.
Why currency hedging matters for Bitcoin
Bitcoin is priced in dollars. When a euro-based investor buys a standard Bitcoin ETP, they’re effectively making two bets: one on Bitcoin’s price and one on the dollar strengthening (or at least not weakening) against the euro.
The Arrow Bitcoin EUR Hedged ETC aims to isolate the Bitcoin trade. By rolling forward FX hedges daily through HSBC, the product neutralizes the EUR/USD swing so that returns track Bitcoin’s dollar price as closely as possible, translated into euros without the exchange rate distortion.
A market that’s been waiting for this
Euro-hedged gold ETCs have been around for years, and they’ve accumulated roughly $23 billion in European assets. European crypto ETCs, by contrast, sit at approximately $12 billion in total assets. The fact that none of those products previously offered euro hedging is a gap that looks increasingly conspicuous as institutional allocators get more comfortable with digital assets.
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HANetf helped launch the Bitwise Physical Bitcoin ETP back in 2020, and it introduced Europe’s first leveraged and short crypto ETPs in 2025. The euro-hedged product is a logical extension of that roadmap, designed for the kind of institutional investor who already uses hedged versions of gold, equity, and fixed-income ETPs and expects the same toolkit for crypto.
EBTC launched with initial net assets of approximately ā¬247,675. The product is physically backed by Bitcoin and carries the ISIN XS3438606090. Its inception date was September 25, with the exchange listings following a few days later.
What this signals for European crypto products
The 49 basis point expense ratio positions EBTC competitively within the European crypto ETP landscape. Adding the daily FX hedge cost on top means the all-in expense will be slightly higher, but for investors who would otherwise need to run their own currency overlay, the bundled solution likely comes out cheaper and operationally simpler.
When HSBC is the counterparty on the hedging side of a Bitcoin product, it reinforces the normalization of crypto within traditional financial plumbing. Banks providing FX hedging for Bitcoin ETPs is the kind of quiet institutional integration that steadily erodes the argument that digital assets exist outside the established financial system.
If hedged Bitcoin products eventually capture a similar share of overall crypto ETP assets as hedged gold products hold within gold ETPs, the addressable market could be substantial relative to today’s $12 billion European crypto ETC base.