Warsaw Stock Exchange’s First Bitcoin ETF Combines Crypto with FX Hedge

TLDR

• The Warsaw Stock Exchange has listed its first Bitcoin-focused exchange-traded fund (ETF).
• The Bitcoin BETA ETF tracks Bitcoin futures on the Chicago Mercantile Exchange.
• The ETF provides regulated exposure to Bitcoin through futures contracts rather than direct ownership.
• The fund includes an FX hedge to manage currency risks between the U.S. dollar and the Polish zloty.
• The Polish Financial Supervision Authority approved the ETF prospectus on June 17, 2025.

The Warsaw Stock Exchange (GPW) has officially listed its first Bitcoin-focused exchange-traded fund (ETF). This marks a significant milestone for Poland’s financial market. The Bitcoin BETA ETF offers Polish investors an easy, regulated way to gain exposure to Bitcoin.

Warsaw Exchange Launches Bitcoin Futures ETF

The Bitcoin BETA ETF tracks Bitcoin futures on the Chicago Mercantile Exchange (CME), one of the leading crypto futures platforms. Managed by AgioFunds TFI SA, the ETF provides exposure to Bitcoin through futures contracts instead of direct ownership of the cryptocurrency. This structure offers a safer route to invest in digital assets while avoiding the volatility of direct Bitcoin ownership.

To protect against currency fluctuations between the U.S. dollar and the Polish zloty, the ETF incorporates an FX hedge. This strategy uses forward contracts to manage currency risks. It is the first ETF on the Warsaw Stock Exchange to combine cryptocurrency exposure with built-in currency risk management.

Expanding ETF Market in Poland

The launch of the Bitcoin BETA ETF strengthens the growing ETF market in Poland. The Warsaw Stock Exchange now hosts 16 ETFs, covering both local and global indexes. These include the WIG20, mWIG40, S&P 500, and Nasdaq-100, among others.

ETF trading on the GPW has surged, reaching PLN 1.9 billion in turnover so far this year. This marks a 94.2% increase compared to last year. As the market expands, more investors are drawn to this asset class, driven by transparency and ease of access.

The Bitcoin BETA ETF launch was approved by the Polish Financial Supervision Authority (KNF) on June 17, 2025. AgioFunds TFI then issued two series of investment certificates (A and B). The market maker for the ETF is Dom Maklerski Banku Ochrony Środowiska S.A., ensuring liquidity and stability.

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