Poland's Warsaw Stock Exchange (GPW) has launched its first Bitcoin Exchange Traded Fund (ETF), marking a significant development in the accessibility of digital assets for European investors. This new instrument, the Bitcoin BETA ETF, offers market participants a regulated avenue to gain exposure to the cryptocurrency without direct ownership, utilizing CME Bitcoin futures as its underlying asset. The introduction of this ETF signifies a broader trend of traditional financial markets integrating with the burgeoning digital asset class.
Regulated Access to Bitcoin
The Bitcoin BETA ETF, listed on the GPW, provides investors with an indirect way to invest in Bitcoin. Crucially, the fund employs currency hedging mechanisms to mitigate the impact of fluctuations between the US dollar and the Polish złoty on investment returns. This feature is designed to offer a more stable investment experience for local investors. The fund's prospectus received approval from the Polish Financial Supervision Authority on June 17, 2025. AgioFunds TFI initiated the creation of this ETF, with Dom Maklerski Banku Ochrony Środowiska S.A. (BOŚ) serving as the market maker, ensuring liquidity.
Leveraging Futures Markets
Access to Bitcoin for the ETF is facilitated through futures contracts traded on the Chicago Mercantile Exchange (CME), a well-established and regulated derivatives market. This approach aligns with how many early Bitcoin ETFs have been structured in other jurisdictions, offering a familiar framework for institutional and retail investors alike.
Michał Kobza, a board member at the Warsaw Stock Exchange, emphasized the strategic importance of this launch. He stated, "GPW is meeting investor expectations and following the trend of diversifying asset classes available on the public market. Equally important, offering access to Bitcoin through an ETF on GPW enhances trading security, as investors can participate in the cryptocurrency market using an instrument that is supervised and adheres to the transparency standards applicable to a regulated capital market." This underscores the exchange's commitment to providing regulated investment products.
The Warsaw Stock Exchange already hosts a diverse range of 16 ETFs, including those tracking Polish indices. The trading volume for ETFs on the GPW has shown substantial growth, reaching 1.9 billion Polish złoty this year, a 94.2% increase year-over-year. This expansion in ETF offerings reflects a growing investor appetite for diversified investment strategies and the increasing maturity of the Polish capital market. This development follows broader trends seen globally, including recent approvals of spot cryptocurrency ETF rules by the U.S. Securities and Exchange Commission (SEC).
