European investors seeking Bitcoin exposure without concurrent exposure to dollar volatility have a new option. HANetf has listed the Arrow Bitcoin EUR Hedged ETC, trading under ticker EBTC on Euronext Paris and Xetra.
The product began trading on Euronext Paris on September 29 and on Xetra the following day. It carries a total expense ratio of 49 basis points, with an additional daily FX hedging cost, and uses HSBC to manage currency hedging that neutralizes EUR/USD volatility.
Why Currency Hedging Matters
Bitcoin trades in dollars, creating a dual exposure for euro-based investors in standard Bitcoin ETPs. They effectively make two bets: one on Bitcoin's price and another on the dollar's strength relative to the euro.
The Arrow Bitcoin EUR Hedged ETC isolates the Bitcoin exposure by rolling forward FX hedges daily through HSBC. This approach neutralizes EUR/USD swings, allowing returns to track Bitcoin's dollar price translated into euros without exchange rate distortion.
Market Context
Euro-hedged gold ETCs have accumulated roughly $23 billion in European assets, while European crypto ETCs hold approximately $12 billion in total assets. No existing crypto ETP products previously offered euro hedging.
HANetf launched the Bitwise Physical Bitcoin ETP in 2020 and introduced Europe's first leveraged and short crypto ETPs in 2025. The euro-hedged product extends this product roadmap for institutional investors accustomed to hedged versions of gold, equity, and fixed-income ETPs.
Product Details
EBTC launched with initial net assets of approximately €247,675. The product is physically backed by Bitcoin and carries ISIN XS3438606090, with an inception date of September 25.
The 49 basis point expense ratio positions EBTC competitively within the European crypto ETP landscape. For investors who would otherwise manage their own currency overlay, the bundled solution offers operational simplicity.
Institutional Integration
HSBC's role as the counterparty for hedging signals growing normalization of crypto within traditional financial infrastructure. Banks providing FX hedging for Bitcoin ETPs represents institutional integration that demonstrates digital assets operating within established financial systems.
