BNP Paribas, the largest bank in France, is set to introduce six new crypto exchange-traded notes (ETNs) linked to Bitcoin and Ethereum on its exchange platform in France starting on March 30, as announced recently.
ETNs, which are tradable debt products, offer investors exposure to underlying markets through index tracking. These products provide liquid and diversified exposure without direct ownership, but investors may face issuer credit risk and potential market losses.
Under MiFID II regulations, aimed at enhancing transparency, standardizing market operations, and protecting investors, the ETNs allow individual investors and private banking clients to indirectly access crypto assets without having to buy or hold the actual coins.
Initially available to various client segments, the ETNs, issued by reputable asset managers, will have a phased international rollout in the future.
BNP Paribas, an early adopter of blockchain and cryptocurrency technology, has explored blockchain applications in trade finance and securities settlement, forged partnerships with fintech and blockchain companies, and expressed interest in developing digital asset services for institutional clients.
The bank has also been involved in ongoing research to understand how these innovations could transform financial markets.
BNP Paribas is part of Qivalis, a consortium of leading European banks collaborating to create a euro-pegged stablecoin for institutional and cryptocurrency usage. The project aims for a late-2026 launch in compliance with MiCA regulations.
BNP Paribas Tests Tokenized Money Market Fund on Ethereum
Recently, BNP Paribas conducted a trial of tokenizing a money market fund share class on the public Ethereum infrastructure.
Implemented in a permissioned model, the initiative limits access to eligible participants while adhering to regulatory standards. The internal experiment seeks to assess new operational processes and investigate how tokenization could enhance fund issuance and distribution.
French Retail Investment Landscape
The retail investment community in France has experienced significant growth in recent years. Approximately 2.5 million French retail investors engaged in stock market trading in 2025, with an estimated 1.6 million new participants entering the equity markets over the preceding three years.
If even a portion of the roughly €2 trillion in liquid savings held by French households shifts towards these new instruments, it could have substantial implications for the order books of Bitcoin and Ethereum.
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