The Italian stock exchange, Borsa Italiana, this morning listed a “Bitcoin (BTC)-thematic” exchange-traded fund (ETF) by Melanie Capital, giving bitcoin exposure to Italian institutions and retirement plans.
“Melanion BTC Equities Universe UCITS ETF is an equity ETF based around stocks in the crypto ecosystem,” Cyril Sabbagh, managing director of Melanian Capital, told Cointelegraph. Sabbagh explained that the ETF would be “accessible to as many people as possible.”
“The Italian Stock Exchange (Borsa Italiana) does not accept any ‘spot ETFs’, but welcomes our thematic ETFs!”
Following the successful launch of a bitcoin-themed ETF at Euronext Paris, a pan-European stock exchange, in October 2021, Melanie Capital targeted Italy for its ETF. Sabbagh explains:
“Spot ETFs (Exchange Traded Funds) in Europe 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 funds in Europe).”
Bitcoin ETFs allow savers to have exposure to bitcoin in their retirement plans due to the UCTIS specification:
“Today, investors are frustrated that they cannot integrate crypto allocation into their traditional investment envelope. In fact, investors can integrate our ETFs into their securities accounts, life insurance policies, and even their retirement savings plans. Will be able to do (this is already the case in France).”
Nicolas Bertrand, advisor and ambassador to the Global Blockchain Business Council and former board member of Borsa Italiana, told Cointelegraph that “Italian investors and traders showed early interest in trading bitcoin and other digital assets.”
RELATED: Bitcoin Investment Giant Grayscale Launches ETFs in Europe
Despite the sluggish price action and demand for bitcoin below $20,000, Bertrand highlighted interest in the digital asset:
“From my position as advisor to several crypto-exposed businesses and my direct contact with investors, I can confirm that there is a significant level of interest and that many companies are getting ready to adopt digital assets.”
In addition, in Italy, Bertrand shared that investor appetite for bitcoin is strong, especially before 2021, “Italy was in the top 10 globally in terms of the volume of activity on bitcoin and many trading locations in these markets.” have emerged providing direct access to
Across the street from Borsa Italiana, the world’s largest crypto exchange, Binance, will soon open an office, while the European Central Bank shared that cryptocurrency ownership is flourishing in European homes.