NEWS ZAP
French Fund Manager To Launch First EU-regulated Bitcoin Equities ETF
Paris-based Melanion Capital, a derivatives and computer-driven fund manager, has reportedly received regulatory approval to launch an exchange-traded fund (ETF) that tracks Bitcoin-related stocks for investors across the European Union (EU). However, the fund will not be a bitcoin ETF since it won't invest in or hold BTC directly.
According to the Financial Times, Melanion's ETF proposal received approval from French regulators who ruled that it meets key EU standards, known as Ucits, meaning it will be available in all of the union's 27 member states.
The Melanion BTC Equities Universe Ucits ETF will be equity-based rather than bitcoin-based. It will reportedly track a basket of up to 30 stocks, including mining firms Argo, Riot, HIVE, and investment firm Galaxy Digital and broker Voyager Digital. Melanion said the stocks making up the fund would have an alleged high correlation to the bitcoin market price.
