HANetf Launches First Dollar-Hedged Crypto ETCs in GBP and EUR

On September 30, 2026, the London-based asset management platform HANetf announced the introduction of two exchange-traded commodities (ETCs) offering exposure to Bitcoin while eliminating the risk associated with the US dollar's exchange rate fluctuations. The GBP-denominated product, Arrow Bitcoin GBP Hedged ETC (GBTC), is traded on the London Stock Exchange, while its EUR-hedged counterpart, EBTC, is available on Xetra in Frankfurt and Euronext Paris. This dual listing targets European investors seeking to capitalize on Bitcoin's potential without being exposed to USD/GBP or USD/EUR exchange rate fluctuations.

First Dollar-Hedged Crypto ETCs Launched in London, Frankfurt, and Paris

The two new products, GBTC and EBTC, represent the first attempt to introduce dollar-hedged crypto ETCs on major European exchanges. According to HANetf's announcement, they are designed to meet the growing demand for digital assets while adhering to the diversification requirements of European ETCs. The simultaneous listing on three exchanges enhances liquidity and facilitates access for investors across the eurozone and the UK. This initiative aligns with HANetf's strategy to diversify its crypto product range, which already includes solutions hedged in EUR, GBP, and CHF.

The launch comes amid rising investment volumes in crypto ETPs, as investors seek regulated vehicles to access digital assets. In Europe, ETCs are preferred when a product focuses on a single asset, unlike ETFs that require diversification. HANetf chose the ETC structure to ensure pure Bitcoin exposure while offering currency hedging, an innovative combination for the European market.

Hedging Mechanism: HSBC Neutralizes Dollar Risk

HSBC's role is central: it provides the necessary FX contracts to hedge Bitcoin positions against dollar movements. This hedging involves purchasing forward or option contracts that offset potential losses from a strengthening dollar, ensuring the ETC's performance aligns with Bitcoin in EUR or GBP. According to HANetf's press release, this structure represents "the world's first currency-hedged crypto ETCs, bringing a new currency-hedged structure to the European crypto ETC market."

Implementing the hedge does not alter the underlying product composition: the ETCs still hold physical Bitcoin or derivatives replicating its price. What changes is the FX layer that neutralizes dollar exposure, allowing investors to focus solely on Bitcoin's price movements without additional currency risk. This approach proves particularly relevant in a context where the dollar shows signs of relative weakness against the euro and pound.

Why European Investors Seek Dollar Hedging

Bitcoin, like gold, is almost universally quoted in US dollars, exposing non-US holders to dual risk: crypto volatility and currency fluctuations. For a French or German investor, a stronger dollar can erode Bitcoin gains even if the crypto asset's price remains stable in USD. By offering hedged ETCs, HANetf directly addresses this dilemma, providing "pure" Bitcoin exposure while eliminating the currency factor.

This dynamic is reinforced by growing investor skepticism toward direct crypto holdings, particularly due to custody requirements and regulatory complexity. Hedged products allow Bitcoin to be placed within a portfolio similar to equities or bonds, facilitating integration into PEA or CTO accounts. Furthermore, hedging makes performance more predictable, potentially encouraging broader adoption among European wealth managers and retail investors.

European Regulatory Framework: ETC vs ETF, Diversification Requirements

In the EU and UK, ETFs must hold a diversified portfolio of assets to comply with UCITS diversification rules. ETCs, however, are allowed to focus on a single asset or group, making them ideal for direct Bitcoin exposure. HANetf leveraged this distinction to create products offering pure exposure while meeting European market transparency and liquidity standards.

This regulatory distinction explains why crypto products in Europe have developed more under ETC or ETR structures rather than ETFs. Investors benefit from a clear legal framework, daily reporting, and custodian security, without the diversification constraints that dilute Bitcoin exposure. HANetf's choice to launch ETCs instead of ETFs reflects its aim to maximize correlation with Bitcoin's price while offering currency protection.

Dollar-Hedged Gold ETC Market: $23B, 13% of European Segment

Similar products already exist in the gold market: dollar-hedged gold ETCs represent a $23 billion asset, roughly 13% of total European gold ETCs. HANetf has already offered solutions hedged in EUR, GBP, and CHF in this space, demonstrating its expertise in developing currency-hedged structures. This experience forms a solid foundation for the new crypto ETCs, which borrow the same hedging model but apply it to a digital asset.

The success of the gold segment indicates that European investors are willing to pay a premium to eliminate currency risk. By extending this model to Bitcoin, HANetf aims to capture a similar share of the still-nascent but rapidly growing crypto ETC market. The figures from the gold market also offer a benchmark for size and liquidity potential, reassuring market participants about the long-term viability of hedged structures.

Implications for French Portfolios via PEA/CTO: Access via EBTC and GBTC

French investors can now integrate Bitcoin into their PEA or CTO portfolios without directly managing crypto holdings. The two new ETCs are eligible for holding on traditional brokerage platforms, simplifying access for retail investors. Additionally, the dollar hedge means that the performance reported on the account more closely reflects Bitcoin's movements in EUR, facilitating comparison with other asset classes like the CAC 40 or French government bonds.

This accessibility opens the door to additional diversification for French investors looking to allocate a small portion of their capital to digital assets while managing currency risk. The products are available through major European brokers, including Degiro and Trade Republic, and can be combined with traditional ETFs like Amundi MSCI World CW8 ETF to create a balanced multi-asset portfolio. Thus, the launch of these ETCs marks a key step in the convergence between traditional finance and crypto assets in Europe.