Amundi launches its first Bitcoin ETP: the first scheme approved by the AMF, listed on Euronext Paris

The product was launched on 16 April 2026 and is listed on Euronext Paris, with initial access limited to the French market and plans for gradual expansion to other European countries.

This is the first issuance programme of its kind approved by the Autorité des marchés Financiers (AMF), the French financial markets regulator. The approval of the base prospectus by the AMF does not, as stated in the document itself, constitute a favourable opinion on investment in the security.

The product structure

The Amundi Bitcoin ETP is structured as a debt security under Luxembourg law, issued by Digital Assets S.à.r.l, a special purpose vehicle (SPV) under Luxembourg law, incorporated on 9 February 2026, acting on behalf of its Amundi Bitcoin ETP sub-fund. The arranger, responsible for structuring and implementing the programme, is Amundi Asset Management.

The product is fully backed by physical bitcoin: the bitcoins purchased as collateral are held by CACEIS Bank Luxembourg, in its capacity as custodian, through segregated digital wallets. CACEIS is authorised under the European MiCA Regulation (Markets in Crypto-Assets, EU Regulation 2023/1114), which defines the European regulatory framework applicable to crypto-assets and service providers in this market. The digital asset agent is Crypto Finance (Deutsche Börse) GmbH.

The ETP is valued daily based on the CME CF Bitcoin Reference Rate, the institutional reference price for bitcoin published by the CME CF Benchmarks platform. The product’s reference currency is the US dollar (USD), whilst the trading currency on the exchange is the euro (EUR).

The maximum TER (Total Expense Ratio) is 0.25% per annum, a competitive level compared to similar products already available on the European market. It should be noted that the bitcoin holding will decrease daily as a result of the sale of bitcoins required to pay the TER. The distribution policy is capitalisation. The recommended minimum investment horizon is five years.

The regulatory context: why an ETP and not an ETF

In Europe, UCITS regulations impose a minimum portfolio diversification requirement, which makes it impossible to structure a UCITS fund around a single asset such as Bitcoin. Consequently, ETFs can only be authorised in the EU if a minimum level of diversification exists, which is not compatible with a product having a single underlying asset such as Bitcoin. ETPs, structured as debt securities, are not subject to this constraint and represent the standard format adopted in Europe to offer direct exposure to cryptocurrencies via regulated, exchange-traded instruments.

The Amundi Bitcoin ETP operates within a regulatory framework that has become significantly clearer over the past year. The MiCA regulation provides managers with clearer guidelines and stronger safeguards for launching blockchain-based financial products. Amundi has chosen to build an entirely European ecosystem, with a Luxembourg-based issuer, a MiCA-authorised custodian and prospectus approval by an EU regulator.

Access and target market

The Amundi Bitcoin ETP is available in France, via an ordinary securities account, for both professional investors and retail investors. For the latter, the document specifies specific conditions of access: they must possess knowledge or experience of similar products, understand the significant risks associated with crypto-assets and bitcoin in particular, including volatility, seek exposure to the performance of bitcoin, and have the capacity to absorb losses up to the full amount invested.

Access will be progressively extended to other European markets. The product is not intended for residents or citizens of the United States or for “U.S. Persons” within the meaning of SEC Regulation S.

Risk profile

The product is classified as risk class 6 out of 7 in the standard European synthetic risk indicator, which places it in the high-risk category. This classification reflects the structurally high volatility of bitcoin compared to traditional asset classes.

The main risks described in the document include: general market risk, liquidity risk (related to the liquidity of Bitcoin and the operations of market makers), regulatory risk, speculative risk (the valuation of Bitcoin depends on subjective factors such as supply, demand and adoption), technological risk (IT and network vulnerabilities), hacking risk (unauthorised access to private wallet keys), high volatility risk, tracking error risk between the ETP and Bitcoin, custodian insolvency risk, limited recourse counterparty risk, currency risk (the product is denominated in USD), and risk associated with the CME CF Benchmark reference price.

The document explicitly warns that the investor may lose the entirety of the capital invested and that the ETP is not suitable for all investors nor is it intended to constitute the entire investment portfolio.

Competitive positioning

The European market for crypto-asset ETPs is competitive, with established issuers operating primarily in markets such as Germany and Switzerland. Amundi’s unique selling point lies in the combination of its scale (approximately €2.4 trillion in assets under management as at 31 December 2025, according to the company’s figures), direct access to the French retail market via securities accounts, and a fully European regulatory framework — AMF, CACEIS MiCA, Luxembourg law.

The maximum TER of 0.25% per annum is in line with the levels offered by the main competitors in the segment.

Statement by Benoit Sorel

“With the Amundi Bitcoin ETP, we are responding to investor demand for a transparent and efficient solution that allows them to integrate exposure to Bitcoin into their investment portfolios,” said Benoit Sorel, Global Head of ETF & Indexing at Amundi.

Technical data sheet