France’s largest lender BNP Paribas is bringing six new crypto exchange-traded notes (ETNs) tied to Bitcoin and Ethereum to its exchange platform in France, starting tomorrow March 30, according to a recent announcement.
Exchange-traded notes (ETNs) are tradeable debt products that give investors exposure to the underlying markets through index tracking. They provide liquid and diversified exposure without direct ownership, though investors face issuer credit risk and potential market losses.
Offered under MiFID II, which is designed to boost transparency standardize market operations, and protect investors, the ETNs let millions of individual investors and private banking clients get indirect exposure to crypto assets without purchasing or holding the underlying coins directly.
At launch, the products, issued by vetted asset managers, will be available to various client segments, with a phased international rollout to follow.
As one of the early movers of blockchain and crypto, BNP Paribas has tested blockchain use cases in areas such as trade finance and securities settlement, formed partnerships with fintech and blockchain firms, and shown interest in developing digital asset services for institutional clients.
The group has also supported ongoing research into how these innovations could reshape financial markets.
BNP Paribas is part of Qivalis, a consortium of major European banks working to develop a euro-pegged stablecoin for institutional and crypto use. The initiative is targeting a late-2026 launch under MiCA rules.
BNP Paribas pilots tokenized money market fund on Ethereum
BNP Paribas recently piloted the tokenization of a money market fund share class on public Ethereum infrastructure.
Built on a permissioned model, the initiative restricts access to eligible participants while remaining compliant with regulatory standards. The intra-group experiment aims to evaluate new operational workflows and explore how tokenisation could improve fund issuance and distribution.
French retail investment
France’s retail investment base has grown meaningfully in recent years. Roughly 2.5 million French retail investors participated in stock-market trading during 2025, with an estimated 1.6 million new entrants joining the country’s equity markets over the preceding three years.
If even a fraction of the roughly €2 trillion in liquid savings held by French households rotates toward these newinstruments, the capital implications for Bitcoin and Ethereum order books could be significant.