The historical moment for the Polish capital market – Bitcoin officially entered the Warsaw dance floor. On the Warsaw Stock Exchange, the ETF Bitcoin Fund started ratings, which for the first time in the history of the Polish stock exchange enables investors to obtain exposure to the world’s largest cryptocurrency as part of regulated stock market trading. Sounds like a breakthrough? Because he is!
Protection against dollar? It’s something!
The fund introduces an interesting solution – a strategy for securing currency risk. In practice, this means that investors are less exposed to fluctuations in the US dollar exchange rate relative to the zloty. It sounds good, especially when we remember how he could go crazy the USD/PLN exchange rate in recent years.
With the debut of Beta ETF Bitcoin, the number of ETFs available on the WSE has increased to sixteen-the Polish capital market is slowly but systematically catching up with Western stock exchanges. In the end, we have our first ETF Fund based on BTC, and this is the first step to the wider opening of the WSE to digital assets.
The Warsaw dance floor enters the game of cryptocurrencies
As emphasized by Michał Kobza, a member of the management board of the WSE:
The WSE follows the expectations of investors and fits into the trend of diversification of asset classes available on the public market. Equally important, the transfer of exposure to Bitcoin to the ETF structure listed on the WSE increases the safety of trading – investors gain the opportunity to participate in the cryptocurrency market through an supervised, settled and covered by standards of transparency appropriate for the regulated capital market
The debut of Beta ETF Bitcoin is the first step towards greater acceptance of cryptocurrencies in the Polish financial system. Warsaw joins the global trend of introducing investment products based on digital assets, already present in many capital markets in the world.
The first Polish ETF based on Bitcoin – how does it work in practice?
On June 17, 2025, the Polish Financial Supervision Authority approved the BETA ETF Bitcoin prospectus by granting Agiofunds TFI permission to create a fund. The exposure to Bitcoin is carried out through Futures contracts listed on Chicago Mercantile Exchange (CME), and not by direct purchase of cryptocurrency.
Currency risk protection is carried out using Forward contracts, which limits the impact of USD/PLN changes on the results of the investment. Animator supporting the liquidity of ETF is the Brokerage House of Bank Ochrony Środowiska SA
Kazimierz Szpak, president of the board of Beta TFI SA, comments:
Less than a month after the last debut, we are launching another, new ETF, giving the possibility of exposure to the world’s largest cryptocurrency in an regulated and effective manner. The fund is our response to the growing demand of investors for new asset classes
The ETF segment is gaining momentum
The Warsaw Stock Exchange currently records sixteen ETF funds, including Polish indexes (WIG20, MWIG40, SWIG80), selected foreign indexes (S&PC, NASDAQ-100, DAX), sectoral and levary and reverse funds.
The data speak for themselves – from the beginning of the year the turnover on ETFs on the WSE reached the level of PLN 1.9 billion, which means an increase of 94.2% compared to the same period of 2024. The ETF segment is developing dynamically, responding to the needs of investors looking for both wide exposure to the market and more specialized solutions.
Technical details
Beta ETF Bitcoin is a closed -end investment fund, managed by the Agiofunds Investment Funds Society. The fund’s purpose is to achieve the rates reflecting the percentage changes to the bitcoin term, regardless of the fluctuations in exchange rates.
The Fund redempys the investment certificates at the participant’s request, with the rate of the redemption fee up to 1%. 45,400 participation titles of the A series and the participation titles of series B without determining their number debuted on the basic market.
Our opinion: step in the right direction, but …
The Bitcoin ETF debut on the WSE is definitely a positive signal for the entire cryptocurrency ecosystem in Poland. This is a step that will help in the popularization of Bitcoin as an investment assets and open the door for traditional investors who until now have been away from the world of digital currencies.
But (and here our traditional “but” appears), if you really want to understand and fully use Bitcoin’s potential, the best solution is to buy cryptocurrency directly on cryptocurrency exchanges or in exchange offices and storing it in your own portfolio.
Why? First of all, you have full control over your assets (remember – Not Your Keys, Not Your Coins). Secondly, you learn the foundations of blockchain technology, which may be invaluable in the long run. Thirdly, you avoid additional management fees, which in the case of funds can be quite severe. ETF is a great option for traditional investors who want to exposure to Bitcoin as part of their action portfolio. But the real magic of cryptocurrencies lies in their decentralization and the possibility of self -management.
Either way – welcome Bitcoin on the WSE! This is another step towards a broader adoption of cryptocurrencies in Poland!
