HANetf has listed what it describes as the world's first euro-hedged Bitcoin exchange-traded commodity (ETC), a product built for European investors who want Bitcoin exposure without simultaneously betting on the dollar. It trades under the ticker EBTC on both Euronext Paris and Deutsche Börse's Xetra.

Formally named the Arrow Bitcoin EUR Hedged ETC, the fund began trading on Euronext Paris on September 29 and on Xetra the following day. It carries a total expense ratio of 49 basis points (0.49% a year) plus a small daily FX hedging cost, with HSBC acting as hedging counterparty and executing the currency hedging designed to strip out EUR/USD volatility from the fund's returns.

Why currency hedging matters for Bitcoin

Bitcoin is priced in US dollars. A euro-based investor buying a standard Bitcoin exchange-traded product (ETP) is therefore effectively making two bets: one on Bitcoin's price, and another on the dollar strengthening — or at least not weakening — against the euro. That dual exposure means unhedged holdings can diverge from Bitcoin's dollar-denominated performance when currency markets move.

The Arrow Bitcoin EUR Hedged ETC is designed to isolate the Bitcoin trade. By rolling FX hedges forward daily through HSBC, the product neutralizes EUR/USD swings so that returns track Bitcoin's dollar price as closely as possible once translated into euros, without the distortion introduced by exchange-rate movements.

A gap in the European market

Euro-hedged gold ETCs have been available in Europe for years and have accumulated roughly $23 billion in assets. European crypto ETCs, by contrast, hold approximately $12 billion in total assets, and none of those products previously offered euro hedging — a gap that becomes more conspicuous as institutional allocators grow more comfortable with digital assets.

HANetf helped launch the Bitwise Physical Bitcoin ETP in 2020 and introduced Europe's first leveraged and short crypto ETPs in 2025. The euro-hedged product extends that roadmap, targeting institutional investors who already use hedged versions of gold, equity, and fixed-income ETPs and expect the same toolkit for crypto.

EBTC launched with initial net assets of approximately €247,675. The product is physically backed by Bitcoin — the fund holds the asset itself rather than derivative exposure — and carries the ISIN XS3438606090. Its inception date was September 25, with the exchange listings following a few days later.

Cost structure and market positioning

The 49 basis point expense ratio places EBTC competitively within the European crypto ETP landscape. Adding the daily FX hedge cost on top makes the all-in expense slightly higher, but for investors who would otherwise implement their own currency overlay, the bundled solution may prove cheaper and operationally simpler.

HSBC's role as the hedging counterparty on a Bitcoin product places a major global bank directly within the operational chain of a crypto ETP. Banks providing FX hedging for Bitcoin ETPs represent a further step in embedding digital assets within established financial infrastructure.

If hedged Bitcoin products eventually capture a share of overall crypto ETP assets comparable to the share hedged gold products hold within the gold ETP market, the addressable market could prove substantial relative to the current $12 billion European crypto ETC base. EBTC's early asset level — roughly €247,675 at launch — provides a concrete baseline for tracking uptake of hedged crypto exposure in Europe.