Cryptocurrency
Another bitcoin fund tied to CME’s cash-settled futures gets launched
As reported by The Block, “French asset management firm Napoleon has launched a new fund, tied to cash-settled bitcoin futures by derivatives exchange giant CME Group. “The fund, dubbed Napoleon Bitcoin Fund, is targeted at institutional investors as the minimum ticket size is 100,000 euros (~$110,000), according to an announcement Tuesday. Napoleon said bitcoin is […]
As reported by The Block, “French asset management firm Napoleon has launched a new fund, tied to cash-settled bitcoin futures by derivatives exchange giant CME Group.
“The fund, dubbed Napoleon Bitcoin Fund, is targeted at institutional investors as the minimum ticket size is 100,000 euros (~$110,000), according to an announcement Tuesday. Napoleon said bitcoin is an ‘ideal’ asset for diversification and optimizing risk-return ratios.
“’The fund aims to replicate the performance of Bitcoin via Futures listed on the Chicago Mercantile Exchange in cash settlement, thus avoiding the problem of storing and valuing Bitcoin,’ said Napoleon.
“The fund is regulated by France’s financial regulator, AMF. Stephane Ifrah, president of Napoleon, said that it is the ‘culmination of our discussions with the regulator and our partners to offer a real alternative to professional investors.’
“Local investment firm Financière d’Uzès is the custodian of the fund, while the “Big Four” accounting firm PwC is the auditor, per the announcement. The fund is currently available only in France, but Napoleon said it could sell overseas ‘in a near future.’”