Poland’s Bitcoin ETF: The First Officially Regulated Entry Point for Traditional Investors in Eastern Europe

The Warsaw Stock Exchange (WSE) has introduced Poland’s inaugural

exchange-traded fund (ETF), known as the Bitcoin BETA ETF, marking an important step forward for cryptocurrency adoption in Eastern Europe. Managed by AgioFunds TFI SA and receiving approval from Poland’s Financial Supervision Authority (KNF) on June 17, 2025, this fund allows investors to gain regulated exposure to Bitcoin by investing in futures contracts traded on the Chicago Mercantile Exchange (CME) . Trading commenced on September 18, 2025, offering Polish investors a way to invest in Bitcoin through conventional brokerage accounts, without needing to hold the cryptocurrency directly . This development positions Poland as a frontrunner in regional crypto adoption, reflecting similar advances in North America and highlighting increasing institutional interest in digital assets .

The Bitcoin BETA ETF operates as a futures-based fund, mirroring Bitcoin’s price through CME derivatives instead of holding the cryptocurrency itself. This model is consistent with the international approach to regulated Bitcoin ETFs, which often use futures contracts to address custody and regulatory challenges. The fund features a 1% management fee and utilizes forward contracts to manage currency risk between the U.S. dollar and the Polish zloty, helping to minimize fluctuations from currency movements . Dom Maklerski Banku Ochrony Środowiska S.A. (BOŚ) acts as the market maker, ensuring sufficient liquidity and smooth trading on the WSE . With over 400 listed companies and a total market capitalization of $600 billion, the WSE noted that the ETF increases investor protection by adhering to established capital market regulations .

This launch is part of a broader initiative to integrate crypto investments into mainstream financial markets. The WSE emphasized that the ETF caters to rising investor interest in broader asset diversification, all while maintaining transparency and regulatory compliance . The introduction of the fund aligns with the EU’s Markets in Crypto Assets (MiCA) regulation, which seeks to standardize crypto rules across EU countries. Analysts believe this ETF could pave the way for similar offerings in nearby countries, like the Czech Republic and Hungary, by presenting a proven model for regulated digital asset investment .

It is important for investors to recognize that the Bitcoin BETA ETF differs structurally from holding spot Bitcoin. Returns may not always match Bitcoin’s spot market due to factors such as futures contract rollover costs and management fees. Additionally, performance is influenced by the volatility typical of derivative products, making the fund more suitable for those with a long-term perspective . Nonetheless, the ETF is positioned as an accessible option for traditional investors who want Bitcoin exposure without dealing with digital wallets or crypto exchanges .

The introduction of this ETF highlights the WSE’s commitment to growing its ETF portfolio, which now includes 16 products covering both domestic and international indices. WSE Board Member Michał Kobza commented that the new product “enhances trading safety” by enabling access to crypto markets within a regulated and transparent environment . As Poland’s crypto regulations move closer to MiCA standards, the Bitcoin BETA ETF could lay the groundwork for further advancements, such as tokenized assets and greater integration of digital finance .