The latest report shows that France-based fund manager Melanion Capital has received a regulatory go-ahead for an exchange-traded fund that seeks to track the price of Bitcoin (BTC) while satisfying the laws in Europe.
In the information provided to Financial Times, Melanion Capital noted that the fund is 90% correlated to Bitcoin. It will basically track an index that includes 30 equities from some of the leading crypto-mining and blockchain companies. this includes some of the very popular names like Voyager Digital, Riot blockchain, and Mike Novogratz’s Galaxy Digital.
The index, consisting of a basket of stocks, will weigh the equity holdings based on their correlation with Bitcoin’s price. The bitcoin ETF from Melanion Capital the UCITS standard, regulatory benchmark critical for institutional investors.
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