Melanion Capital Bitcoin ETF launches on October 22nd at Euronext Paris
Melanion Capital Bitcoin ETF launches on October 22nd at Euronext Paris. With the US finally launching its first Bitcoin (BTC) -based Exchange Traded Fund (ETF) today, France is also getting closer to launching a large Bitcoin-related ETF.
Paris-based alternative investment firm Melanion Capital is preparing to launch its Bitcoin-linked ETF product this Friday, the company’s CEO Jad Comair told Cointelegraph in January October.
The Bitcoin ETF known as “Melanion BTC Equities Universe UCITS ETF” is traded at 7:00 a.m. UTC on France’s most important exchange, Euronext Paris.
The product is listed under the ticker symbol BTC FP and offers investors exposure to Bitcoin through a diverse basket of stocks that is linked to the daily price movements of Bitcoin.
“It is traded on the Paris Stock Exchange so it is suitable for all investors and we are in the process of listing it across Europe,” Comair said, adding that there is strong demand for Bitcoin-related products in the region. He added, “We have embarked on a plan to bring more institutional crypto products to market.
According to Comair, the idea of the BTC FP is similar to a Volt Equity Bitcoin-linked ETF that was approved by the US Securities and Exchange Commission (SEC) in early October, Melanion Capital and Volt Equity Bitcoin ETFs are tied to companies that are correlated to Bitcoin.
“Both have the same idea: to structure a Bitcoin ETF by investing in stocks that hold Bitcoin instead of going the hard and cumbersome route of holding Bitcoin directly,” said Melanion Capital CEO Melanion Capital.
This ETF will track the Melanion Bitcoin Exposure Index, which includes a number of industry players including Michael Saylor’s software company MicroStrategy, cryptocurrency miner Argo Blockchain, and a commercial digital asset bank Galaxy Digital by Mike Novogratz and others.
“Our ETF is the first Bitcoin-related product approved in Europe. The ETF is a big deal as it is the most widely adopted fund suitable for various retirement plans, ”said Comair.
The CEO also noted that his ETF will bridge the gap between the crypto and institutional worlds. “Institutional investors’ pockets are subject to many restrictions to protect their clients, and an ETF is one of the qualifying mutual funds that will meet those restrictions,” notes Comair.
Related: Guernsey Regulator Approves Jacobi Asset Management’s Bitcoin ETF Launch
In August, the French financial regulator, the Autorité des marés financiers, officially approved Melanion Capital’s Bitcoin-linked ETF.
The news comes as US ETF provider ProShares prepares to launch its Bitcoin futures-based ETF on the New York Stock Exchange today. According to Bloomberg analyst Eric Balchunas, an ETF based on Valkyrie Bitcoin futures is also likely to hit the market this week.