Poland launches its first bitcoin ETF

Key points:

• The Warsaw Stock Exchange offers the country’s first bitcoin ETF.
• This move is seen as a positive signal for the local cryptocurrency market.

The Warsaw Stock Exchange (GPW) has listed the first-ever cryptocurrency bitcoin ETF — Bitcoin BETA-ETF. According to an official statement from the GPW, BETA-ETF does not invest directly in bitcoin, but generates profits through futures contracts traded on the Chicago Mercantile Exchange (CME). To reduce currency risks, the fund uses a hedging strategy with forward contracts, protecting investors from fluctuations in the USD/PLN exchange rate.

Developed by AgioFunds TFI, the ETF was approved by the Polish Financial Supervision Authority in June 2025 and is supported by Dom Maklerski Banku Ochrony Środowiska S.A. as a market maker. Michał Kobza, member of the Management Board of the Warsaw Stock Exchange, noted:

“Offering exposure to Bitcoin through an ETF listed on GPW increases safety of trading, as investors can participate in the cryptocurrency market using an instrument which is supervised, cleared, and subject to the transparency standards applicable to a regulated capital market.”

The current crypto ETF landscape

Bitcoin ETFs have already gained popularity on major exchanges around the world, including Nasdaq, NYSE, and Cboe in the United States, where a wave of spot bitcoin ETFs was approved in early 2024. Similar products are also available on other platforms — the Toronto Stock Exchange in Canada, Germany’s Xetra, Switzerland’s SIX Exchange, Brazil’s B3, and Cboe Australia. These ETFs offer a variety of structures, from physically backed spot products to futures funds similar to the one listed on the GPW.

In addition to bitcoin, interest in altcoin ETFs is growing. According to Bloomberg, more than 90 applications for cryptocurrency-related ETFs and ETPs have been filed, with an increasing number of applications focused on altcoins.

The growth momentum is expected to continue following the US Securities and Exchange Commission’s (SEC) approval of common listing standards for commodity-based trust fund shares in the US. This regulatory change simplifies the approval process for spot crypto ETFs, allowing exchanges to list relevant products without having to conduct a full review of each one.