Published on November 22nd, 2017 | by bitcoin0
European Bitcoin Mutual Fund Launched
Paris-based asset manager, Tobam, has launched the first bitcoin mutual fund in Europe.
The fund has been approved by France’s financial regulator, the Autorite des Marches Financiers (AMF), and is classified as an alternative investment fund.
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Founder Has Stated His Expectation That the Fund Will Grow in Excess of $400 Million USD
French-based asset management company, Tobam, has announced the launch of Europe’s first bitcoin mutual fund.
Mr. Choueifaty stated that the developing legitimate means through which to “run the money and invest in cryptocurrencies is quite elaborate.”
The mutual fund is registered as an alternative investment fund, meaning that it is a fund not covered by the European Directive on Undertakings for Collective Investment in Transferable Securities (UCITS).
As such, Tobam’s fund is not traded via an exchange, and will only be available to “qualified investors.”
Pricewaterhouse Coopers is the auditor of Tobam’s bitcoin mutual fund, and Caceis is its custodian.