First Crypto-Asset ETPs Debut on the Warsaw Stock Exchange (WSE)

On 25 February 2026, the first Exchange Traded Products (ETPs) based on crypto-assets debuted on the Warsaw Stock Exchange (WSE). The instruments, issued by the Swedish company Virtune AB, allow investors to gain exposure to cryptocurrencies within a regulated and supervised exchange-trading environment.

Legal structure and mechanism of crypto-asset ETPs

The ETPs introduced by Virtune are bearer debt securities that passively track the price movements of specific cryptocurrencies. A key feature is the issuer’s use of physical replication. This means that every issued security is 100% backed by the actual underlying asset.

The crypto-assets backing the financial instruments are kept in cold storage (offline wallets) with a licensed third-party custodian. This setup increases investment safety and removes the technical risks of managing digital wallets on your own.

Available ETP instruments and their characteristics

Investors on the WSE now have access to four different products:

• Virtune Bitcoin Prime ETP– providing exposure to Bitcoin;
• Virtune Staked Ethereum ETP– providing exposure to Ethereum along with a staking mechanism;
• Virtune XRP ETP– based on the native token of the Ripple network, XRP;
• Virtune Staked Solana ETP– providing exposure to Solana along with a staking mechanism.

Regulatory and operational safeguards of ETP trading

A key benefit for investors is bringing crypto-assets into the traditional financial ecosystem. Trading is done in Polish Zloty (PLN), and clearing is handled by KDPW (the Central Securities Depository of Poland). This simplifies the transaction process and tax reporting, which works exactly the same way as regular stock trading.

Crypto-asset ETPs on the Warsaw Stock Exchange – what do they mean for investors and financial institutions?

The introduction of crypto-asset ETPs on the Warsaw Stock Exchange represents another step in the integration of digital assets with the regulated financial market. If you would like to discuss the legal and regulatory aspects of investing in crypto-asset-linked instruments or assess how these developments may affect your investment activity, feel free to contact our team.