Melanion Capital goes live on Borsa Italiana with world’s first UCITS-compliant Bitcoin equity ETF
The fund offers fully-regulated exposure to the Bitcoin equity universe
Melanion Capital, the Paris-based independent alternative investment management company, has announced that its Melanion BTC Equities Universe UCITS ETF began trading on June 7th on Borsa Italiana under the ticker BTC IM and ISIN FR0014002IH8.
The launch marks the first time Italian investors can gain exposure to the Bitcoin ecosystem via a fully-regulated UCITS ETF, and pioneers an equity-based approach to the asset class.
BTC IM has been accepted by the Commissione Nazionale per le Società e la Borsa (CONSOB) and is designed to track the Melanion Bitcoin Exposure Index, a custom basket of 30 European and North American stocks, selected for being the most sensitive to the Bitcoin price.
“Investor demand for Bitcoin exposure is huge and continues to grow, but the lack of UCITS regulated products has been a real deterrent for many – until now. ” explains Cyril Sabbagh, Managing director at Melanion Capital.
“Being able to invest in the Bitcoin transition story in a harmonised framework for investment funds that can be sold to retail investors throughout the EU, is the next natural step in this becoming a more mainstream asset class and thematic, and we are naturally delighted to be the first firm to make this dream a reality for the European investment community,” adds Jad Comair, CEO of Melanion Capital.
The Melanion Bitcoin Exposure Index comprises companies with sensitivity to Bitcoin, weighted according to it. Constituents are screened for liquidity before inclusion and capped at a maximum weighting of 10% to ensure the index remains diversified, investable and scalable.
Melanion expects BTC IM to achieve a high correlation to the Bitcoin performance, however, no minimum correlation threshold has been established and the index is not guaranteed to follow the price of Bitcoin itself, rising or falling.
The Melanion BTC Equities Universe UCITS ETF has been initially listed on Euronext Paris and now on Borsa Italiana with a TER of 0.75%.
This listing represents the first of several steps Melanion Capital is preparing to expand in European countries and give investors exposure to the Bitcoin Transition, which references the transition to a world in which Bitcoin and other cryptocurrencies are adopted as a useful and effective part of the wider financial ecosystem.
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It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into the product detailed in this press release. Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. Melanion BTC Equities Universe UCITS ETF is a French open ended mutual investment funds approved by the French Autorité des Marchés Financiers.
Melanion Capital SAS recommends that investors read carefully the “risk factors” section of the Melanion BTC Equities Universe UCITS ETF prospectus and the “Risk and reward” section of the Key Investor Information Document (KIID).
The Melanion BTC Equities Universe UCITS ETF include a risk of capital loss. The redemption value may be less than the amount initially invested. In a worst-case scenario, investors could sustain the loss of their entire investment. There is no guarantee that the objective of Melanion BTC Equities Universe UCITS ETF will be met.
Melanion BTC Equities Universe UCITS ETF may not always be able to replicate exactly the performance of the Melanion Bitcoin Exposure Index.
The index and the trademarks used in this document are the intellectual property of index sponsors and/or its licensors. The index is used under license from an index administrator.
This press release together with the prospectus and/or more generally any information or documents with respect to or in connection with the Melanion BTC Equities Universe UCITS ETF detailed herein does not constitute an offer for sale or solicitation of an offer for sale in any jurisdiction (i) in which such offer or solicitation is not authorized, (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation.
In addition, the shares are not registered under the U.S Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States (including its territories or possessions) or to or for the benefit of a U.S Person (being a “United State Person” within the meaning of Regulation S under the Securities Act of 1933 of the United States, as amended, and/or any person not included in the definition of “Non-United States Person” within the meaning of Section 4.7 (a) (1) (iv) of the
rules of the U.S. Commodity Futures Trading Commission.).