Bitcoin gets its first mutual fund from French asset manager TOBAM.
The French asset management company TOBAM, with $9 bln under management, has officially announced the creation of the first Bitcoin mutual fund. The goal is for institutional investors to gain access to the cryptocurrency.
The company has created the fund as an unregulated alternative investment in order to provide a vehicle for allowing more regulated investors at the institutional level to gain Bitcoin exposure without the regulatory concerns. According to the business development lead, Christophe Roehri:
“Direct investment in Bitcoin can be operationally challenging, from dealing with the choice of the platform, to maintaining the proper security measures in terms of custody and to managing the changes made to the protocol.”
Massive institutional movement
As the last two months has unfolded, the widespread adoption of Bitcoin at the institutional level has continued. The announcement by the Chicago Mercantile Exchange (CME) for the provision of Bitcoin futures, as well as other firms, has propelled the cryptocurrency to new all-time highs over $8,400. At press time, Bitcoin was trading at $8,301, just off those highs.
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Author: Jon Buck