The first Polish bitcoin ETF approved by the Polish Financial Supervision Authority
The Polish Financial Supervision Authority has approved the prospectus of BETA ETF Bitcoin – the first ETF in Poland based on bitcoin futures contracts. Its issuer has started the procedure of registration and introduction of the fund to the stock exchange.
On June 17, the Polish Financial Supervision Authority approved the launch of the Beta ETF Bitcoin Portfelowy FIZ fund, which will invest in bitcoin cryptocurrency futures contracts listed on the American CME stock exchange.
"We are moving into the second phase aimed at registration and introduction to the Warsaw Stock Exchange. From experience: several to a dozen or so weeks," BETA ETF reported on the X platform.
According to the prospectus, the fund's underlying portfolio will consist of 100% bitcoin futures contracts, issued and listed on the CME exchange. The issuer is also to use forward currency contracts to hedge exchange risk - the underlying instrument is denominated in dollars.
✅ Approved! We have the green light for the BETA ETF Bitcoin – the first Bitcoin ETF on @GPW_WSExchange ! We are starting the procedure for registration and introduction to the stock exchange.
📲 See more on IG: https://t.co/5DkRU6AGGX
The announcement about the approval of the ETF on the KNF website contained many warnings about cryptocurrencies and bitcoin. The regulator emphasized that the investment policy and strategy of the approved fund is associated with above-average risk. The KNF indicated the volatility of bitcoin and the use of futures contracts as its factors. The Commission emphasized that bitcoin has no fundamental value
"Investors should bear in mind that due to the level of risk and the high expected volatility of the Fund's investment certificates, in accordance with the Fund's issue prospectus, the typical investment horizon should not be shorter than 5 years. At the same time, due to the above-average risk, the investment in Fund certificates should constitute only a part of the investor's total investment portfolio," the KNF informed.
We first wrote in September last year that issuers were working on introducing bitcoin ETFs to the Polish stock exchange. The GPW board also expressed interest in such an instrument. The KNF spokesman informed us at the time that inquiries regarding crypto-assets ETFs were directed to the supervision by more than one entity.
MM
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