BNP Paribas, the prominent French multinational universal bank, is set to broaden its investment offerings by introducing six cryptocurrency-linked exchange-traded notes (ETNs). This initiative aims to provide retail clients in France with regulated access to Bitcoin (BTC) and Ether (ETH) investments. Starting from Monday, the newly launched ETNs, which are indexed to the prices of these digital assets, will be available through standard securities accounts.
The ETNs are designed to cater to a wide range of investors, including individual clients, entrepreneurs, private banking customers, and users of the bank’s digital platform, Hello bank!. There are plans for a potential rollout to wealth management clients outside of France in the future.
One of the significant advantages of the ETNs is that they enable investors to track the performance of digital assets without the necessity of actually owning them. This structure mitigates some of the risks associated with direct cryptocurrency purchases, particularly credit risk—if the bank were to fail, investors would face losses. In addition, these ETNs are noted for their lack of tracking error and favorable tax implications.
This new move is part of a broader strategy by BNP Paribas to deepen its engagement with digital assets. In 2024, the bank successfully arranged and placed Slovenia’s inaugural digital sovereign bond, marking a significant milestone as it was also the European Union’s first issuance of a blockchain-based government bond.
In a collaborative move last September, BNP Paribas, along with HSBC, became a member of the Canton Foundation, which oversees the Canton Network. This blockchain-centric initiative is focused on institutional finance and the tokenization of real-world assets. Prior to these developments, BNP Paribas joined several major financial institutions, including Goldman Sachs and Citadel, in supporting a $135 million funding round for Digital Asset, the company responsible for the Canton technology.
Additionally, in the previous month, BNP Paribas Asset Management launched a tokenized share class of a money market fund utilizing the Ethereum blockchain, which highlights its commitment to expanding fund tokenization through public infrastructure. This followed an earlier private blockchain issuance in Luxembourg.
The trend of adopting crypto-linked ETNs is gaining momentum in Europe. ING Germany has recently expanded its investment offerings to include new products from Bitwise and VanEck, signaling a growing interest in this financial avenue. Furthermore, the UK retail market saw the return of crypto ETNs in October 2025, following a reversal of a ban previously imposed by the Financial Conduct Authority (FCA) in 2021.
