Poland’s Bitcoin ETF: Eastern Europe’s First Regulated Gateway for Traditional Investors

The Warsaw Stock Exchange (WSE) launched Poland’s first Bitcoin exchange-traded fund (ETF), the Bitcoin BETA ETF, marking a significant milestone for Eastern Europe’s cryptocurrency adoption. The product, managed by AgioFunds TFI SA and approved by Poland’s Financial Supervision Authority (KNF) on June 17, 2025, offers investors regulated exposure to Bitcoin through futures contracts listed on the Chicago Mercantile Exchange (CME) . The ETF began trading on September 18, 2025, providing a traditional brokerage-based avenue for Polish investors to access Bitcoin without direct custody of the asset . This move positions Poland as a regional leader in crypto integration, following similar developments in North America and signaling growing institutional interest in digital assets .

The Bitcoin BETA ETF is structured as a futures-based fund, tracking Bitcoin’s price via CME derivatives rather than holding physical Bitcoin. This approach aligns with global trends in regulated Bitcoin ETFs, which often utilize futures to mitigate custody risks and regulatory complexities. The fund employs a 1% management fee and includes forward contracts to hedge currency risk between the U.S. dollar and the Polish zloty, reducing volatility from FX swings . Dom Maklerski Banku Ochrony Środowiska S.A. (BOŚ) serves as the market maker, ensuring liquidity and orderly trading on the WSE . The WSE, which lists over 400 companies with a combined market capitalization of $600 billion, emphasized that the ETF enhances investor safety by operating under regulated capital market standards .

The launch reflects broader efforts to normalize crypto investments in traditional finance. The WSE highlighted that the ETF addresses growing investor demand for diversified asset classes while adhering to transparency and regulatory oversight . This development coincides with the EU’s Markets in Crypto Assets (MiCA) framework, which aims to harmonize crypto regulations across member states. Analysts suggest the ETF could catalyze further adoption in neighboring markets, such as the Czech Republic and Hungary, by demonstrating a viable model for regulated digital asset exposure .

Investors should note structural differences between the Bitcoin BETA ETF and spot Bitcoin. The fund’s returns may diverge from Bitcoin’s spot price due to factors like roll yield from futures contract expiries and management fees. Additionally, the ETF’s performance is subject to the volatility inherent in derivatives markets, requiring a long-term investment horizon . Despite these risks, the product has been positioned as a bridge for traditional investors seeking Bitcoin exposure without navigating cryptocurrency wallets or exchanges .

The ETF’s debut underscores the WSE’s strategic push to expand its ETF offerings, now totaling 16 products, including domestic and global benchmarks. WSE Board Member Michał Kobza stated the launch “increases safety of trading” by enabling participation in the crypto market through a supervised and transparent framework . With Poland’s crypto regulations evolving to align with MiCA, the Bitcoin BETA ETF may serve as a precursor to further innovation, including potential tokenized assets and broader digital finance integration .