Melanion Capital, a prominent French investment management firm, is planning to launch an exchange-traded fund that will track the price of Bitcoin through a basket of equities.
Its shares will be traded on the Euronext Paris stock exchange.
This ETF stands out due to its UCITS status, which means it is regulated throughout the European Union.
While strict standards prevent Melanion Capital from providing access to the real thing, its index has a 90 percent correlation with the price of Bitcoin.
The fund invests in companies such as Galaxy Digital, Riot Blockchain, Voyager Digital, and others.
Bitwise, a cryptocurrency asset management firm, launched a similar ETF in May that tracks the stocks of publicly traded crypto companies in the United States.