The Warsaw Stock Exchange (GPW) has officially listed its first cryptocurrency exchange‑traded fund, the Bitcoin BETA ETF, marking a milestone for Polish investors seeking regulated exposure to digital assets.
Futures‑based structure with FX hedge
The Bitcoin BETA ETF, managed by AgioFunds TFI SA, provides investors with exposure to bitcoin via futures contracts listed on the Chicago Mercantile Exchange (CME), rather than direct holdings of the asset.
To reduce volatility from currency fluctuations between the U.S. dollar and the Polish zloty, the fund employs a foreign‑exchange risk hedging strategy using forward contracts. This structure, approved by Poland’s Financial Supervision Authority (KNF) in June 2025, aims to deliver bitcoin exposure through regulated instruments while insulating investors from FX swings.
Liquidity for the ETF is supported by Dom Maklerski Banku Ochrony Środowiska S.A., which has been appointed as market maker.
Officials highlight investor safety
“Offering exposure to bitcoin through an ETF listed on GPW increases safety of trading,” said Michał Kobza, Member of the Management Board of the Warsaw Stock Exchange.
“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.”
Kazimierz Szpak, CEO of BETA TFI SA and ETF Asset Manager at AgioFunds, called the launch a response to demand for new asset classes:
“Less than a month after our most recent new listing, we are introducing another ETF offering exposure to the world’s largest cryptocurrency in a regulated and effective manner. I believe the Bitcoin BETA ETF will be welcomed by investors.”
ETF adoption in Poland
With this listing, sixteen ETFs are now available on the Warsaw Stock Exchange. These include trackers for domestic indices such as WIG20, mWIG40, and sWIG80, alongside international benchmarks like the S&P 500, Nasdaq‑100, and DAX. Sector, leveraged, and inverse ETFs are also available.
ETF activity in Poland continues to grow rapidly. According to GPW data, ETF turnover reached PLN 1.9 billion year‑to‑date, representing a 94% increase year‑on‑year.
Global context
The Polish listing follows similar moves by major markets worldwide. Spot and futures‑based Bitcoin ETFs are already traded in the U.S. (Nasdaq, NYSE, Cboe), Canada (TSX), Germany (Xetra), Switzerland (SIX), Brazil (B3), and Australia (Cboe).
The ETF landscape is also diversifying beyond Bitcoin and Ethereum. According to Bloomberg analysts, there are over 90 crypto ETF/ETP filings globally, with a rising share focused on altcoins.
Momentum could accelerate further after the U.S. SEC approved generic listing standards for commodity‑based trust shares, streamlining approvals for spot crypto ETFs. Bloomberg ETF analyst Eric Balchunas noted that the last time similar standards were introduced, ETF launches tripled, suggesting the number of crypto ETFs could surpass 100 globally in the next 12 months.
Poland joins the trend
By adding the Bitcoin BETA ETF, GPW positions itself alongside global exchanges that provide regulated investment vehicles tied to crypto assets. The move highlights growing demand among investors for diversified products that combine cryptocurrency exposure with the protections of supervised markets.
Alex Shepel
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