In 2026, French investors have two main options to invest in bitcoin: direct purchase through a PSCA-licensed crypto platform, or investment via a listed ETP such as the Amundi Bitcoin ETP (ISIN XS3332092090). The fundamental difference lies in actual ownership of the bitcoins, which only exists with a non-custodial wallet in direct holding, while an ETP provides only a claim on the issuer. Regarding fees, direct purchase is more economical for long holding periods due to the absence of recurring costs, but the ETP proves less expensive for frequent transactions with brokerage fees of around 1 to 10 euros per order. On the tax side, the flat tax at 31.4 % applies in both cases, but the regimes differ significantly: exchanges against stablecoins are not taxed directly while they trigger immediate taxation via an ETP, and losses are deductible from stock market gains for 10 years with an ETP versus only one year for crypto.
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