BNP Paribas announced it will offer six exchange-traded notes indexed to Bitcoin (BTC) and Ethereum (ETH) to French retail clients starting March 30.
The products provide indirect exposure to cryptocurrency price movements through unsecured debt instruments issued by third-party asset managers.
France's largest bank described the ETNs as compliant with MiFID II investor protection rules.
The products will be available through securities accounts to individual clients, entrepreneurs, private banking clients, and Hello bank! customers in France.
Debt Instruments, Not Direct Crypto Holdings
ETNs are unsecured debt obligations that track underlying asset performance without requiring direct cryptocurrency ownership. Investors face counterparty risk to the ETN issuer if the issuing entity defaults.
BNP Paribas did not disclose which asset managers will issue the six products, stating only that it selected issuers "for their solidity and risk management systems."
The bank also did not specify fee structures or which specific Bitcoin and Ethereum indices the ETNs will track.
The products will eventually be available to BNP Paribas Wealth Management clients internationally, though the bank provided no timeline for expansion beyond France.
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Part of Broader European Banking Crypto Push
BNP Paribas tokenized a money market fund on Ethereum's public blockchain in February 2026 using its AssetFoundry platform.
The bank also joined the Qivalis consortium developing a euro-backed stablecoin with 12 European banks, scheduled to launch in the second half of 2026.
In March, BNP Paribas received authorization from France's REGAFI registry as an issuer of asset-referenced tokens and electronic money tokens under the European Union's Markets in Crypto-Assets (MiCA) regulation.
The ETN launch follows similar products introduced by Warsaw Stock Exchange in February, which offered ETNs linked to Bitcoin, Ethereum, Solana (SOL), and XRP.
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