CoinDesk Analysis Team
CoinDesk
French asset manager Melanion Capital won regulatory approval to launch an exchange-traded fund (ETF) tracking the price of bitcoin (BTC, +1.13%) for investors across the European Union (EU).
-
The Paris-based firm received approval from the French regulators to launch a fund that will track a basket of up to 30 stocks with a 90% correlation to bitcoin's price, according to an emailed statement Wednesday.
-
The Melanion BTC Equities Universe Ucits ETF is determined to meet EU standards, known as "undertakings for the collective investment in transferable securities" (UCITS), meaning it will be available to investors across the bloc, an EU first for a bitcoin-correlated fund.
-
"While there have been many bitcoin-backed exchange-traded products listed in Europe, most European regulators apply a look-through approach, rendering them ineligible for most institutional investors due to their investment restrictions," Melanion said.
-
The fund will track stocks such as mining firms Argo Blockchain, Riot Blockchain and Hive Blockchain as well as crypto investment firm Arcane Crypto.
-
The weighting of the fund will be determined by German fintech Bita, which provides software for the calculation of financial indexes and quantitative investment strategies.
-
The fund will be listed on Euronext in Paris charging a fee of 0.75%.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.