On Tuesday, Borsa Italiana, the Italian stock exchange, listed a bitcoin-themed exchange traded fund (ETF) from Melanion Capital, which gave exposure to bitcoin (BTC) to Italian institutions and pension plans.
Cyril Sabbagh, Managing Director of Melanion Capital, told Cointelegraph “UCITS ETF Melanion BTC Equity ETF is an ETF around stocks in the crypto ecosystem.” He explained that the ETF would be “accessible to as many people as possible”.
“The Italian stock exchange (Borsa Italiana) did not accept ‘spot ETFs’, but welcomes our thematic ETF! “.
Following the successful launch of a thematic bitcoin ETF in October 2021 on Euronext Paris, a pan-European stock exchange, Melanion Capital focused on Italy for its ETF. Sabak explains:
In Europe, cash ETFs (exchange traded funds) are ETNs (notes traded on the exchange) or ETCs (certificates traded on the exchange) and are therefore counterparty and not UCITS ( the highest regulatory standard for your fund). in Europe) ”.
The Bitcoin ETF also allows savers to gain exposure to bitcoin in their retirement plans via the UCTIS specification:
“Today’s investors are frustrated that they cannot put encrypted allocation into their traditional investment envelope. In fact, investors will be able to integrate our ETFs into their securities accounts, life insurance contracts and even retirement savings plans (this is already the case in France) ”.
Nicolas Bertrand, advisor and ambassador of the Global Blockchain Business Council and former board member of Borsa Italiana, told Cointelegraph ” Italian investors and traders soon showed interest in trading bitcoin and other digital assets “.
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Despite slow price advances and calls for the price of bitcoin below $ 20,000, Bertrand stressed 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 some companies are preparing to take digital assets”.
Bertrand said that investor appetite for bitcoin in Italy was strong, especially before 2021. “Italy was in the top 10 in the world for the volume of bitcoin activity, and a number of trading venues have emerged, offering direct access on those markets ”.
The world’s largest cryptocurrency exchange, Binance, will soon open an office in front of the Borsa Italiana, and the European Central Bank has reported a boom in cryptocurrency ownership in European households.