Napoleon Bitcoin Fund in France Is Tied to CME’s Cash-Settled Futures

banner-image

🚀 Stay Ahead with AltcoinDaily.co! 🌐

French asset management firm Napoleon Fund AM has launched a new fund tied to Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures.

The “Napoleon Bitcoin Fund” began trading on Dec. 6 with a minimum €100,000 ($110,000) buy-in for professional investors, who must reside in France, according to the prospectus. It can not be traded cross-border.

It is the first bitcoin fund released by Napoleon AM, the asset management wing of French financial services firm Napoleon Group. Napoleon AM became a licensed “Alternative Investment Fund Manager” in May 2019, the French financial regulator’s website shows.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

And it’s also one of the first French funds to make novel use of CME’s cash-settled Bitcoin futures. The fund seeks exposure to bitcoin price movements without holding any actual bitcoin, according to the prospectus.

To that end, it trades CME bitcoin futures, the United States’ only regulated cash-settled bitcoin futures products (CME competitor Bakkt launched its own cash-settled bitcoin futures product in Singapore on Monday).

Napoleon could conceivably tap into Bakkt’s new product; the prospectus and investor factsheet leave open the possibility of including “similar[ly] organized exchange listing cash-settled BTC futures” going forward.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

“We have opened the door for alternative use of futures in order to optimize replication and maintain access to the best sources in the future,” said Napoleon AM’s Communications Director Sergio Gonzalez.

Stéphane Ifrah, President of Napoleon AM, said in a press statement that the fund “is the culmination of discussions with the [French] regulator.”

“We are proud to contribute to the institutionalization and democratization of digital assets through a unique regulated fund under French law.”

It remains to be seen how popular an investment vehicle tied to bitcoin futures will be with French investors.

Their U.S. counterparts have shown some interest in regulated futures products, with the CME recently reporting a 61% year-over-year increase in its bitcoin futures’ open contracts.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐

November 9, 2024

A Kraken crypto account has fallen victim to a masked impersonator..

November 9, 2024

Ethereum co-founder Vitalik Buterin has shared insights and his vision on..

November 9, 2024

Qubetics in 7th Presale: Analysts Suggest Big Gains – Why $1,500..

ads-image ads-image
features-presales-thunder

Stay ahead in crypto with AltcoinDaily.co! Get the latest news, expert analysis, and blockchain insights. Your trusted source for all things cryptocurrency. 🚀💰

Join Now