Digital Assets: Melanion Capital Launches First Bitcoin UCITS ETF In The EU

August 9, 2021 | Digital Assets, Latest News, News
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Melanion Capital is a French asset management firm.

Melanion Capital, a Paris-based asset manager specializing in derivatives and computer-driven strategies, has been greenlighted by French regulators to launch a bitcoin UCITS ETF. This is a major landmark for the adoption of cryptocurrencies because the EU would be a potentially large market and one that has lacked an investment vehicle with the coveted UCITS tag – which signifies higher regulatory protection. (FT)

Melanion BTC Equities Universe Ucits ETF

The ETF will invest in a basket of stocks in crypto-related industries such as bitcoin mining, blockchain technology, fintech research, and others. In effect, this basket would be correlated as much as 90% to the price of bitcoin.

German fintech Bita GmbH will calculate the Melanion Bitcoin Exposure Index for Melanion which the ETF will track. Components of this index include crypto miners Argo Blockchain (LON: ARB) and Riot Blockchain (NASDAQ: RIOT), investment management firm Mike Novogratz-led Galaxy Digital (TSE: GLXY), and broker Voyager Digital (CNSX: VYGR). According to Melanion, this beta-weighted equities basket exhibiting the highest correlation and revenue exposure to bitcoin.

The French fund will list on Euronext in Paris. It will charge a fee of 0.75%.

Bitcoin on the ascendancy again, recaptures $45,000

Bitcoin traded as high as $46,050.61 on Monday, CNBC reports, as the leading crypto, according to technical analysts, cleared key technical hurdles. This is a level not seen since mid-May.

In recent weeks it has broken past the 50-day moving average, the cloud model, and, as of Monday, the 200-day moving average.

Despite a political hangover from an impending decision from lawmakers on the mode of taxation of crypto assets, bitcoin is trending higher.

“Bitcoin has found its groove once more over the last week,” wrote Craig Erlam, a senior market analyst at OANDA Europe, and cited by BloombergQuint. “Now very much back into bullish territory, the question is how far it can go this time around.”

Related Story:   Global X Throws Its Hat In The Bitcoin ETF Ring

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