In France and across the European Union, direct Bitcoin ETFs are not permitted due to the UCITS directive, which requires ETFs to follow a diversification rule incompatible with a fund invested 100 % in Bitcoin. The existing regulated alternative is the ETN (Exchange-Traded Note), a debt product issued by a company that holds the BTC, available through several French banks including BoursoBank, Hello bank! and Fortuneo. The main Bitcoin ETNs available include BlackRock’s iShares Bitcoin ETP (0.15 % annual fees), Invesco Physical Bitcoin ETP (0.10 %) and VanEck Bitcoin ETN (1 %). Unlike purchasing directly on a crypto platform, an ETN never grants actual ownership of bitcoins, but offers the advantage of being integrated into a bank securities account with automated tax reporting.
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