Since BlackRock launched its Bitcoin ETF in the United States in early 2024, the product has become one of the most talked about in mainstream finance. The promise: benefit from the returns of Bitcoin without wallet, private key or risk of hacking. And the advantages are there, as Thibault Desachy, head of private management at Coinhouse, explains: “Concretely, the investor buys a product listed on the stock exchange which replicates the price of Bitcoin”. This allows to “expose yourself to Bitcoin in a way simpler and more structuredwithout having to buy or store cryptocurrencies directly ».
In France, the reality is a little different. What is commonly called a “Bitcoin ETF” in Europe is not, legally, an ETF. This is an abuse of language. European UCITS regulations, which govern funds marketed to individuals, prohibit funds composed of a single underlying asset. A 100% Bitcoin ETF is therefore impossible to market in Europe under this regime. What the French investors can buy on the other hand, from their securities account, they are ETP (Exchange Traded Products) : mainly ETNs (Exchange Traded Notes) or ETCs (Exchange Traded Commodities). The “real” Bitcoin ETF only exists in the United States, where the SEC has different regulations.
Access Bitcoin… without having Bitcoin
In practice, for the individual investor, the difference is minimal: these products faithfully replicate the price of bitcoin and are purchased like an ordinary stock market security. It should still be noted that the ETC, unlike the ETN, is backed by a physical guarantee on the underlying asset: the issuer holds Bitcoin as collateral for your account. The main issuers in Europe are CoinShares, 21Shares, WisdomTree, Bitwise and now BlackRock, which launched its iShares Bitcoin ETP in March 2025. Amundi, Europe’s leading asset manager, is also reportedly preparing its own Bitcoin ETNs for 2026.
ETC Bitcoin available on the XTB securities account
© Capital
“These products mainly appeal to individuals curious about cryptoassetsbut reluctant to specialized platforms or technical constraints linked to digital wallets »explains Thibault Desachy. What attracts is the setting, which is “more familiar to some savers”. For a saver who already has a securities account with his bank or broker, the operation looks like A stock purchase classic : an order placed in a few clicks, automatic settlement, one more line in your wallet. Another subtlety: these products are not eligible for PEA and must be held in an ordinary securities account (CTO).
Differences with “real” Bitcoin
Unlike live Bitcoin, which is tradable 24/7, an ETP can only be bought or sold during the opening hours of the market where it is listed. On a crypto platform, you can also use your Bitcoin to lend and earn returns without selling. Another difference: taxation. A stock market product, when it is sold, must be declared using form no. 2074, and capital losses can be carried forward. Via a classic crypto platform, on the other hand, the gains are digital asset transfer regimewith the same tax of 31.4%, but to which are added more complex specific reporting obligations: you must calculate your purchases, sales and capital gains yourself.
But simplicity should not be confused with reduced risk. “A Bitcoin ETF only allows exposure to the price of Bitcoin, without directly holding the asset. The more familiar framework of ETFs therefore does not eliminate the main risk: the high volatility of Bitcoin, particularly sensitive to the geopolitical context, economic announcements and financial market movements.warns Thibault Desachy.
Finally, for Thibault Desachy, the democratization of these ETFs is also good news for the industry: “The arrival of Bitcoin ETFs also marks a form of standardization of cryptocurrencies in traditional finance. By making it possible to invest from a traditional securities account, they make this asset class more accessible to a wider audience. » Typical profile: an investor already comfortable with the stock market, who wishes to start adding a Bitcoin line to their allocation, without falling into the technical world of blockchain.
