HANetf Launches First Euro-Hedged Bitcoin ETC in Europe
HANetf listed what it calls the world’s first euro-hedged Bitcoin exchange-traded commodity on Euronext Paris on September 29, 2026, with a Xetra listing following the next day, according to Cryptobriefing. The product, formally the Arrow Bitcoin EUR Hedged ETC, trades under ticker EBTC and is designed to let euro-based investors hold Bitcoin without taking a simultaneous view on the dollar.
Bitcoinmagazine reported that HANetf, described as a $9.2 billion ETF provider, frames the launch as applying the logic of euro-hedged ETFs to crypto for the first time.
Key facts
- The Arrow Bitcoin EUR Hedged ETC carries a total expense ratio of 49 basis points plus a small daily FX hedging cost.
- HSBC provides the currency hedging, rolling forward contracts daily to neutralize EUR/USD swings.
- It launched with initial net assets of approximately €247,675, is physically backed by Bitcoin, and carries ISIN XS3438606090.
- The inception date was September 25, with exchange listings on Euronext Paris and Xetra occurring a few days later.
- Euro-hedged gold ETCs have held roughly $23 billion in European assets, compared with approximately $12 billion for all European crypto ETCs combined.
How the hedging works
Because Bitcoin is priced in dollars, a euro-based investor buying a standard Bitcoin ETP is effectively making two bets: one on Bitcoin’s own price and one on the dollar’s direction against the euro. The new product aims to strip out the second. Forward contracts are used to exchange dollar exposure for euros at an agreed rate on a future date — a mechanism typically rolled monthly and resized at each roll, so that losses on the euro value of the Bitcoin are offset by gains on the forward when the dollar weakens, and vice versa.
HANetf co-founder and co-CEO Hector McNeil said the launch brings the established logic of euro-hedged ETFs to crypto, noting that investors already understand how currency moves affect returns in asset classes such as gold. Bitcoinmagazine described the product both as an exchange-traded commodity and as an exchange-traded fund.
Why it matters
The absence of euro-hedged crypto products in Europe had grown conspicuous as institutional allocators became more comfortable with digital assets. HANetf previously helped launch the Bitwise Physical Bitcoin ETP in 2020 and introduced Europe’s first leveraged and short crypto ETPs in 2025, making the euro-hedged product an extension of that roadmap.
For investors who would otherwise need to run their own currency overlay, the bundled hedging solution is likely both cheaper and operationally simpler. HSBC acting as the hedging counterparty on a Bitcoin product also illustrates how deeply crypto has integrated into traditional financial plumbing. In the US, Bitcoin ETFs approved by the Securities and Exchange Commission in 2024 now hold a combined $111.1 billion in assets according to Coinglass, a figure reported by Bitcoinmagazine. If hedged Bitcoin products eventually capture a share of crypto ETP assets comparable to what hedged gold products hold within gold ETPs, the addressable market could be substantial relative to the current $12 billion European crypto ETC base. This is not financial advice, and cryptocurrency markets remain volatile and uncertain.
What to watch
Trading has already begun on both Euronext Paris and Xetra, so attention now turns to the product’s asset growth and whether rival European issuers follow with their own euro-hedged crypto ETCs. The competitive positioning of the 49 basis point expense ratio against existing unhedged products will also be a factor as the all-in cost includes the daily FX hedge.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Crypto Briefing, Bitcoinmagazine
