Borsa Italiana, Italy’s stock exchange, listed Tuesday a Melanion Capital “Bitcoin thematic” exchange-traded funds (ETFs) that will bring Bitcoin (BTC!) exposure to Italian institutions as well as retirement plans.
Cyril Sabbagh is the managing director at Melanion Capital. He told Cointelegraph that the Melanion BTC Equities Universe ETF is an equity ETF that revolves around stocks in the crypto-ecosystem.
“The Italian Stock Exchange (Borsa Italiana), has rejected any’spot ETFs, but is open to our thematic ETF!”
Melanion Capital chose Italy to launch its Bitcoin-thematic ETF following the October 2021 launch on Euronext Paris, an pan-European stock exchange. Sabbagh explained:
“Spot ETFs (exchange traded funds) in Europe are either ETNs or exchange-traded certificates and carry counterparty risk. They are not UCITS (the highest regulation standard for a fund) in Europe.
As per the UCTIS specification, the Bitcoin ETF allows savers to have exposure to Bitcoin in retirement plans.
Investors are frustrated today that they can’t integrate a crypto allocation in their traditional investment envelopes. Investors will actually be able integrate our ETF into securities accounts, life insurance policies, and retirement savings plans (this is already possible in France).
Nicolas Bertrand is an adviser and ambassador for the Global Blockchain Business Council. He was a former member of Borsa Italiana’s board. Bertrand told Cointelegraph that Italian traders and investors showed an early interest in trading Bitcoins and other digital assets.
Related: Grayscale, a Bitcoin investor, launches an ETF in Europe
Bertrand highlighted the importance of digital assets despite slow price action and calls for a Bitcoin price below $20,000
“From my role as an adviser to several crypto-exposed businesses and my direct contact to investors, I can confirm there is significant interest and that many firms are ready to embrace digital assets.”
Bertrand also shared the belief that Bitcoin has attracted a lot of investors in Italy, especially before 2021. “Italy was among the top 10 worldwide in terms of Bitcoin volume, and there are many trading venues that offer direct access to these markets.
The Borsa Italiana is just across the street from Binance, the largest cryptocurrency exchange in the world. Meanwhile, the European Central Bank shared the fact that cryptocurrency ownership in European households has been growing.