A new bitcoin exchange-traded fund has arrived in Europe — with a twist.

The Arrow Bitcoin EUR Hedged ETF, debuted by HANetf, an ETF provider with $9.2 billion in assets under management, offers European investors exposure to bitcoin while reducing the impact of movements between the euro and the US dollar, the company announced on September 29, 2026.

Because bitcoin is priced in dollars, European investors who buy an unhedged product are exposed to two variables at once: the bitcoin price and the dollar's fluctuations against the euro.

JUST IN: $9.2 billion ETF provider HANetf launches the first ever euro-hedged Bitcoin exchange traded commodity pic.twitter.com/Bg5tFJ2yAj — Bitcoin Magazine (@BitcoinMagazine) September 29, 2026

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The new exchange-traded commodity (ETC) — a fund that gives investors exposure to a commodity — is designed to strip out that second exposure, in a product HANetf describes as the world's first. The ETC is the wrapper European exchanges have long used for commodity-backed products such as gold, in contrast to the ETF structure used for US spot bitcoin funds.

"With this launch, we are bringing the established logic of euro-hedged ETFs to the crypto market," Hector McNeil, co-founder and co-CEO of HANetf, said in a statement. "Investors have long understood that currency movements can have a meaningful impact on returns on different asset classes, for example gold."

"Similar to gold, bitcoin is priced in US dollars, meaning European investors can end up taking two views at once: a view on bitcoin itself and a view on the dollar."

Currency-hedged share classes are a longstanding feature of European fund investing, where issuers commonly apply them to gold and global equity portfolios so that returns reflect the underlying asset rather than exchange-rate swings.

HSBC will provide the currency hedging for the product. Typically, euro-hedged funds work by a bank entering forward contracts to sell the equivalent dollar amount for euros at a fixed rate on a future date.

If the dollar then weakens against the euro, the loss on the bitcoin's euro value is offset by a gain on the forward, and vice versa. These contracts are usually rolled monthly, and the hedge is resized when they roll.

Bitcoin ETFs in the United States have been a huge success since the Securities and Exchange Commission approved them in 2024. Managed by the likes of BlackRock, Fidelity, Morgan Stanley and others, the products allow investors to buy shares that track the price of bitcoin, without having to worry about storing the cryptocurrency themselves.

The funds now manage a combined total of $111.1 billion in assets, according to Coinglass, following the most successful launch in the history of ETFs.

This article first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.