Concurrent America finally launched its first Bitcoin (Bitcoin) Futures-based Exchange Traded Funds (ETFs) On Tuesday, France was one step closer to the launch of Bitcoin-related ETFs.
Paris-based alternative investment company Melanion Capital is preparing to launch its Bitcoin-linked ETF product on Friday. The company’s CEO Jad Comair announced to Cointelegraph on Monday.
The Bitcoin ETF named “Melanion BTC Equities Universe UCITS ETF” will start trading on the Paris Euronext, the main French stock exchange, at 7 am UTC.
The product will be listed under the stock code BTC FP, providing investors with Bitcoin exposure through a diversified stock basket related to the daily price changes of Bitcoin.
Comair said: “It is traded on the Paris Stock Exchange, so it is eligible for all investors, and we are listing it across Europe,” adding that there is strong demand for Bitcoin-related products in the region. “We are already planning to bring more institutional grade encryption products to the market,” he added.
According to Comair, the idea of BTC FP is Bitcoin-linked ETF similar to Volt Equity, Obtained the approval of the US Securities and Exchange Commission (SEC) in early October. Both Melanion Capital and Volt Equity’s Bitcoin ETF are linked to Bitcoin-related companies, rather than directly tracking Bitcoin.
“They all have the same idea: build a Bitcoin ETF by investing in stocks that hold Bitcoin, rather than through the difficult and cumbersome route of directly holding Bitcoin,” noted the CEO of Melanion Capital.
The ETF will track the Melanion Bitcoin Risk Index, which is composed of several industry companies. Include Michael Saylor’s software company MicroStrategy, crypto mining company Argo Blockchain, Mike Novogratz’s digital asset commercial bank Galaxy Digital, etc.
“Our ETF is the first subject Bitcoin product approved in Europe. The ETF is a big deal because it is the most widely used and is eligible for various pension plans,” Comair said.
The executive also pointed out that its ETF will bridge the gap between cryptocurrency and the institutional world. Comair pointed out: “Institutional investors’ investment pockets have many restrictions to protect their customers, and ETFs are one of the packages that best meets these restrictions.”
In August, the French financial regulator Autorité des Marchés financiers Melanion Capital’s Bitcoin-linked ETF is officially approved.
The news comes from a U.S. ETF provider ProShares is preparing to launch its Bitcoin futures-based ETF It is listed on the New York Stock Exchange on Tuesday.According to Bloomberg analyst Eric Balchunas, Valkyrie’s Bitcoin futures-based ETF is May launch this week.