HANETF LISTS WHAT IT CALLS THE WORLD’S FIRST CURRENCY-HEDGED CRYPTO ETCS — EBTC IN PARIS AND ON XETRA, GBTC IN LONDON — HSBC RUNS THE HEDGE — NO CUSTODIAN NAMED IN ANY SOURCE WE FOUND

HANetf has listed two bitcoin exchange-traded commodities that hedge out the dollar. The Arrow Bitcoin EUR Hedged ETC trades as EBTC on Euronext Paris, from September 29, 2026, and on Xetra. The Arrow Bitcoin GBP Hedged ETC trades as GBTC in London. HANetf calls them "the world's first currency-hedged crypto ETCs." HSBC provides the currency hedge. The expense ratio is 0.49% a year.

Co-founder Hector McNeil: "Crypto exposure should not have to mean taking an unintended dollar view." A euro investor in an unhedged product rides the euro-dollar rate on top of bitcoin. The hedge strips that out, and it is not free: 0.49% a year in fees, plus a hedging cost that moves with the gap between euro and dollar interest rates.

The hedge treats bitcoin as a dollar asset because it is priced in dollars. Being quoted in dollars is not the same as being a claim on dollars. What the buyer holds is bitcoin's dollar quote, converted at a hedged rate, with a bank on the other side of the currency leg.

Some things we could not find: a press release on HANetf's own site, the name of the custodian holding the coins, and how often the hedge resets. The custodian is who you are trusting with the bitcoin. The euro version started with about €247,675 in net assets, per Crypto Briefing. And the London ticker GBTC is not Grayscale's GBTC in New York. At the time of this writing, bitcoin was $83,830.