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BTC HANetf, Europe's largest independent white-label ETP provider, launches the world's first euro-hedged bitcoin exchange-traded commodity
On Monday, HANetf, Europe's largest independent white-label exchange-traded product (ETP) provider, launched the world's first euro-hedged bitcoin exchange-traded commodity (ETC). The product is listed on the Euronext Paris under the code EBTC and is named Arrow Bitcoin EUR Hedged ETC. According to the company's disclosure, the product began trading on September 29, with currency hedging services provided by HSBC, with a total fee ratio of 0.49%. The listing allows European investors to hold Bitcoin exposure in their local currency without having to bear additional independent exchange rate risk against the U.S. dollar.
Remove the dollar factor from bitcoin bets
Bitcoin is denominated in dollars globally, so European investors holding unhedged bitcoin ETC actually hold two positions at the same time: one is a bitcoin position and the other is a dollar position. When the U.S. dollar weakens, even if Bitcoin rises in U.S. dollars, the return in local currency will fall. HANetf believes that there is a mature solution to this problem in the gold market: Euro-hedged gold products account for approximately 13% of European gold ETC assets, with a scale of approximately US$23 billion. Co-founder and co-CEO Hector McNeil said: "With this offering, we introduce the mature logic of euro hedging ETFs to the cryptocurrency market."
Product structure analysis
The ETC operates using physical reproduction, is registered in Jersey, is custodian by Interactive Brokers LLC, and is issuer by HANetf Multi-Asset ETC Issuer Plc. The product has been listed on the Euronext Paris since September 29 and on the German Xetra Exchange since September 30. The trading code is EBTC and the ISIN code is XS3438606090. HANetf's previous deployments in the crypto field include Bitwise Physical Bitcoin ETP, which was launched in June 2020 as the world's first centrally cleared Bitcoin ETP. The currency hedging mechanism launched this time aims to neutralize the impact of fluctuations in the euro/dollar exchange rate, thereby purely reflecting the price trend of Bitcoin itself.
The European cryptocurrency ETP market is becoming increasingly mature
At the time of this product release, the size of European cryptocurrency ETP assets has grown to approximately US$12 billion, but it is still only a fraction of the approximately US$100 billion size of similar products in the United States. Market demand is uneven: Although the Ethereum Fund attracted capital inflows, European Bitcoin ETC encountered redemptions of up to US$946 million in a week; but as Bitcoin prices rose, CoinShares Physical Bitcoin ETP has become the largest related product in Europe. HANetf's judgment is that as the market matures, investors will focus more on the structural design of their currency exposure rather than simply treating Bitcoin positions as purely dollar transactions. Currency hedging structures have proven to be an effective strategy in European commodities, and HANetf believes this logic applies equally to the cryptocurrency market.
