Poland’s Warsaw Stock Exchange (GPW) just launched its first Bitcoin ETF, making it easier for Polish investors to get in on the Bitcoin action without dealing directly with the cryptocurrency itself.
How it Works
The new Bitcoin BETA ETF, managed by AgioFunds TFI SA, uses Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME) instead of holding actual Bitcoin. This means investors buy a regulated product linked to Bitcoin’s price, not Bitcoin itself. To protect against currency fluctuations, the fund also hedges against changes in the US dollar/Polish zloty exchange rate. The Polish Financial Supervision Authority (KNF) approved the fund’s prospectus in June 2025.
Trading and Listing
Dom Maklerski Banku Ochrony Środowiska S.A. (BOŚ) will act as the market maker, ensuring smooth trading. This makes it easy for both individual and institutional Polish investors to trade Bitcoin exposure through their existing brokerage accounts. The BETA ETF joins about 15 other ETFs already available on the GPW, offering more investment choices.
What Investors Should Know
Remember, futures-based ETFs don’t always move exactly like the price of Bitcoin itself. Factors like “roll costs” (the cost of moving from one futures contract to the next), the shape of the futures curve, and management fees can impact returns. While the currency hedge helps zloty-based investors, it also adds to the fund’s costs. Be sure to carefully read the prospectus and understand the risks before investing.
The Bigger Picture
This launch provides a regulated and convenient way for Polish investors to access the Bitcoin market without the complexities of managing their own cryptocurrency. It could also encourage other countries in the region to explore similar regulated Bitcoin investment products.