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FIGR_HELOC $1.03 HANetf debuts first euro-hedged bitcoin fund with HSBC hedging
The $9.2 billion provider says its Arrow Bitcoin EUR Hedged ETF reduces the effect of euro-dollar moves for European investors.
Key takeaways
- A large issuer. HANetf, which launched the fund, manages $9.2 billion in assets.
- The hedge rolls. The hedging contracts are usually rolled monthly and resized when they roll.
- US funds are bigger. US bitcoin ETFs hold $111.1 billion in combined assets, according to Coinglass.
What happened
HANetf, an ETF provider with $9.2 billion in assets, has launched the Arrow Bitcoin EUR Hedged ETF. The product is an exchange-traded commodity that gives European investors exposure to BTC while reducing the effect of swings between the euro and the US dollar. HANetf describes it as the first euro-hedged bitcoin exchange-traded commodity.
BTC is priced in dollars, so a European buyer of an unhedged product carries two exposures at once: the coin's price and the dollar's moves against the euro. HSBC will provide the currency hedging for this product.
Such funds usually work through forward contracts, in which a bank sells a dollar amount for euros at a fixed rate on a future date. The contracts are typically rolled each month, with the hedge resized at each roll. If the dollar weakens against the euro, the loss on the bitcoin's euro value is offset by a gain on the forward. Hector McNeil, co-founder and co-CEO of HANetf, said the launch brings the logic of euro-hedged ETFs to crypto, a structure investors already know from gold.
Why it matters
US bitcoin ETFs became a large market after the Securities and Exchange Commission approved them in 2024. Funds run by BlackRock, Fidelity, Morgan Stanley and others hold a combined $111.1 billion in assets, according to Coinglass. A euro-hedged product in Europe targets investors who want that exposure without a separate currency bet.
Currency moves can change returns for European investors who hold dollar-priced assets. HANetf's product targets that part of the exposure, and the firm describes it as a first for the market.
What the data shows
HANetf manages $9.2 billion in assets. It describes the new commodity as the first euro-hedged bitcoin exchange-traded commodity, and HSBC provides the hedging.
US bitcoin ETFs hold $111.1 billion in combined assets, according to Coinglass. The SEC approved them in 2024.
Background
The first US bitcoin ETFs won approval in 2024. They let investors buy shares that track the price of BTC without holding the cryptocurrency, and issuers such as BlackRock, Fidelity and Morgan Stanley manage them.
A second report says HANetf and HSBC also plan first GBP and EUR-hedged bitcoin products, confirmed on 30 September 2026.
What is still unclear
- The second report gives no detail on when a GBP-hedged product would list or how it would be structured.
- It also does not state fees, listing venue or target size for the new products.
Questions readers ask
What is the Arrow Bitcoin EUR Hedged ETF?
It is a bitcoin exchange-traded commodity from HANetf that gives European investors BTC exposure while reducing the impact of euro-dollar moves. HSBC provides the hedging.
Why does currency hedging matter for bitcoin investors?
BTC is priced in dollars, so European buyers of an unhedged product take both bitcoin risk and dollar risk against the euro. The hedge offsets part of that currency move.
Who provides the hedging?
HSBC provides the currency hedging for the product, using forward contracts that are usually rolled monthly.
How large are US bitcoin ETFs?
They hold $111.1 billion in assets, according to Coinglass, after the SEC approved them in 2024.
