On Tuesday, Italian bag -the Italian stock market- listed a “Bitcoin-themed” exchange-traded fund (ETF) from Melanion Capital, which leads to exposure Bitcoin (BTC) to Italian institutions and retirement plans.
Cyril Sabbagh, CEO of Melanion Capital told Cointelegraph that: “The Melanion BTC Equities Universe UCITS ETF is an equity ETF built around stocks in the cryptocurrency ecosystem.” He explained that the ETF will be “accessible to as many people as possible.”
“The Italian Stock Exchange (Borsa Italiana) has not accepted any spot ETFs, but welcomes our thematic ETF!”
Following the successful launch of a Bitcoin-themed ETF in October 2021 on Euronext Paris, a pan-European exchange, Melanion Capital targeted Italy for its ETF. Sabbagh explained:
“In Europe, spot ETFs (exchange traded funds) are ETNs (exchange traded notes) or ETCs (exchange traded certificates) and as such carry counterparty risk and are not UCITS (the highest regulatory standard for a fund in Europe) “.
The Bitcoin ETF also allows savers to gain exposure to Bitcoin in their retirement plans as a result of the UCTIS specification:
“Currently, investors are frustrated that they can’t integrate a cryptocurrency allocation into their traditional investment endowments. In fact, investors will be able to integrate our ETF into their securities accounts, life insurance policies, and even their retirement savings plans (already the case in France)”.
Nicolas Bertrand, adviser and ambassador to the Global Blockchain Business Council and former member of the board of directors of Borsa Italiana, told Cointelegraph that “Italian investors and traders showed early interest in trading Bitcoin and other digital assets.”
Despite slow price action and predictions calling for a Bitcoin price below $20,000, Bertrand highlighted the interest in digital assets:
“From my position as an advisor to a number of companies exposed to cryptocurrencies and my direct contact with investors, I can confirm that there is a significant level of interest and that a number of companies are preparing to adopt digital assets.”
Bertrand shared that investor appetite for Bitcoin in Italy has been robust, particularly ahead of 2021. “Italy was in the top 10 globally in terms of the volume of activity in Bitcoin, and a number of trading venues have sprung up offering direct access to these markets.”
Across the road from Borsa Italiana, the world’s largest cryptocurrency exchange, Binance will soon open an office, Meanwhile he European Central Bank shared that cryptocurrency holdings in European households are thriving.
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