Tobam Launches European Bitcoin Mutual Fund

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.

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, the company’s founder, has stated that “more and more cryptocurrencies have been created in recent years, with bitcoin gaining the largest market capitalization and the longest record, while also being the most liquid. Despite growing interest for the digital currency, the current solutions available to access bitcoin pose numerous difficulties for investors.”

Tobam’s bitcoin mutual fund seeks to target “qualified and institutional investors wanting to gain an exposure to the cryptocurrency.” The company states that “while bitcoin is prone to significant risks, including a very high level of volatility, it also provides diversification benefits.” Tobam states it “believes that the bitcoin and cryptocurrencies, in general, have the potential to become durable standards in financial and saving markets.” […]

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