At the same time that the US finally launched its first Bitcoin exchange-traded fund (BTC) on Tuesday, France is close to launching a major Bitcoin-related ETF.

CEO Jade Comer told Cointelegraph on Monday that Paris-based alternative investment firm Mellanion Capital is gearing up to launch a Bitcoin-related ETF product as early as Friday.

Dubbed the Melanion BTC Equities Universe UCITS ETF, the Bitcoin ETF begins trading on the main French exchange Euronext Paris at 07:00 UTC.

The product will be listed under the ticker BTC FP, giving investors access to bitcoin through a diversified basket of stocks linked to daily bitcoin price movements.

“It is listed on the Paris Stock Exchange and is therefore suitable for all investors and we are in the process of listing it across Europe,” said Commerce, adding that there is a strong demand for Bitcoin-related products in the region. “We have launched a plan to bring more enterprise-grade cryptocurrencies to market,” he added.

According to Comair, the BTC FP idea is similar to the Bitcoin-related Volt Equity ETF, which was approved by the US Securities and Exchange Commission (SEC) in early October. Instead of directly tracking bitcoin, the bitcoin ETFs Melanion Capital and Volt Equity are linked to bitcoin-related companies.

The CEO of Melanion Capital noted that “they both share the same idea: structure a bitcoin ETF by investing in shares owned by bitcoin, instead of going through the difficult and cumbersome path of directly owning bitcoin.”

The ETF will track the Melanion Bitcoin Openness Index, which is made up of several industry companies, including MicroStrategy software company Michael Saylor, crypto miner Argo Blockchain, and Mike Novogratz, commercial digital asset bank Galaxy Digital and others.

“Our ETF is the first targeted Bitcoin product approved in Europe. ETF is very beneficial because it is the most widely used and most suitable for various pension schemes, ”says Kummer.

The CEO also noted that his ETF is bridging the gap between the cryptocurrency world and the business community. “The investment pockets of institutional investors have many constraints to protect their clients, and ETFs are one of the most appropriate instruments to meet these constraints,” Kummer said.

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In August, French financial regulator Autorité des marchés Financiers formally approved a Bitcoin-related ETF from Melanion Capital.

The news comes as US ETF provider ProShares prepares to launch bitcoin futures ETFs on the New York Stock Exchange on Tuesday. According to Bloomberg analyst Eric Balchonas, a Bitcoin ETF is likely to be launched at Valkyrie this week.

Source: CoinTelegraph