On Tuesday, Borsa Italiana — Italy’s inventory trade — listed a “Bitcoin-thematic” exchange-traded fund (ETF) by Melanion Capital, bringing Bitcoin (BTC) publicity to Italian establishments and retirement plans.
Cyril Sabbagh, managing director of Melanion Capital, advised Cointelegraph that “The Melanion BTC Equities Universe UCITS ETF is an equity ETF around stocks in the crypto ecosystem.” He defined that the ETF can be “accessible to as many people as possible.”
“The Italian Stock Exchange (Borsa Italiana) has not accepted any ‘spot ETFs’ but welcomes our thematic ETF!”
Following the profitable launch of a Bitcoin-thematic ETF in October 2021 on Euronext Paris, a pan-European inventory trade, Melanion Capital focused Italy for its ETF. Sabbagh defined:
“In Europe, spot ETFs (exchange-traded funds) 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 a fund in Europe).”
The Bitcoin ETF additionally permits savers to realize publicity to Bitcoin of their retirement plans because of the UCTIS specification:
“Today, investors are frustrated that they cannot integrate a crypto allocation into their traditional investment envelopes. Indeed, investors will be able to integrate our ETF into their securities accounts, life insurance policies and even their retirement savings plans (this is already the case in France).”
Nicolas Bertrand, adviser and ambassador of the Global Blockchain Business Council and a former board member of Borsa Italiana, advised Cointelegraph that “Italian investors and traders showed early interest in trading Bitcoin and other digital assets.”
Related: Bitcoin funding big Grayscale debuts ETF in Europe
Despite sluggish worth motion and requires a sub-$20,000 Bitcoin worth, Bertrand highlighted the curiosity in digital property:
“From my position of adviser to a number of crypto exposed businesses and my direct contact with investors, I can confirm that there is a significant level of interest and that a number of firms are getting ready to embrace digital assets.”
Bertrand shared that investor urge for food for Bitcoin in Italy has been strong, notably previous to 2021. “Italy was in the top 10 globally in terms of volume of activity on Bitcoin, and a number of trading venues have emerged offering direct access to these markets.”
Across the street from the Borsa Italiana, the world’s largest crypto trade, Binance, will quickly open an workplace, whereas the European Central Bank shared that cryptocurrency possession in European households is flourishing.