HANetf teams up with HSBC to list world's first GBP and EUR-hedged bitcoin products

LONDON, 30 SEPTEMBER 2026 —

London‑based asset‑manager HANetf announced on Wednesday that it has launched two exchange‑traded commodities (ETCs) that give investors exposure to bitcoin while hedging the pound sterling and euro against the U.S.

The launch matters because bitcoin, like gold, is priced almost universally in U.S. dollars. European investors who buy the digital asset therefore inherit dollar‑exchange‑rate risk in addition to the price volatility of bitcoin itself. By hedging the currency exposure, the new ETCs aim to protect returns from potential dollar weakness, offering a more “pure” bitcoin exposure for investors who prefer to keep their currency risk in pounds or euros.

In the European Union and the United Kingdom, exchange‑traded funds (ETFs) must hold a diversified basket of assets, which precludes a single‑commodity focus. Consequently, ETCs are used to provide exposure to a single commodity or commodity group.

Cryptocurrency exchange‑traded products (ETPs)—the umbrella term that includes ETFs, ETCs and exchange‑traded notes (ETNs)—have become the predominant vehicle for bringing digital assets to traditional investors, allowing them to avoid the operational complexities of holding and securing the underlying crypto.

HANetf’s move follows a precedent in the gold market, where currency‑hedged gold ETCs have grown into a $23 billion asset class, representing roughly 13 % of Europe’s gold‑ETC market, with HANetf already offering products that hedge the euro, pound and Swiss franc.

The two bitcoin ETCs are structured to address the inherent dollar denomination of the cryptocurrency. HANetf said the products are “the world’s first currency‑hedged crypto ETCs, bringing a new currency hedged structure to the European crypto ETC market.” HSBC’s role is to manage the forward contracts that offset fluctuations between the U.S. dollar and the respective local currencies.

The GBP‑hedged ETC (GBTC) and the euro‑hedged ETC (EBTC) are marketed toward investors seeking long‑term bitcoin exposure but who are concerned about the impact of a weakening dollar on their returns.

The listings on the London Stock Exchange, Xetra and Euronext Paris make the products accessible to international investors through global brokerage platforms, including those based in Malaysia and other Asian markets. While the launch does not involve a local exchange, the availability of a hedged bitcoin vehicle on major European venues expands the toolkit for regional investors who wish to add crypto exposure without taking on additional currency risk.

HANetf’s expansion into currency‑hedged crypto products builds on its existing suite of hedged commodity offerings. The firm’s prior experience in the gold‑ETC space, where it provides euro, pound and Swiss‑franc hedged products, underpins its ability to structure the bitcoin ETCs. HSBC’s involvement brings a major banking institution’s expertise in foreign‑exchange hedging to the crypto‑ETC market, reinforcing the credibility of the new instruments for traditional investors.

The introduction of the GBP‑ and EUR‑hedged bitcoin ETCs reflects a broader trend of traditional‑finance investors demanding crypto products that mirror familiar structures. The source notes that diversified real‑world‑asset (RWA) stablecoins are sustaining yields of 5‑7 % from real credit as crypto funding compresses to roughly 4 %, and that the total addressable market for such off‑chain yield solutions is projected to reach $4 billion within three years.

These dynamics suggest that the appetite for crypto‑linked products with risk‑mitigation features, such as currency hedging, may continue to grow.

With the products now listed, investors can trade the hedged bitcoin ETCs alongside other European‑listed commodities. The launch marks the first instance of currency‑hedged crypto ETCs worldwide, setting a precedent that could encourage further innovation in the crypto‑ETP space across both European and global markets.

Related: HANetf · HSBC · London