French boutique Napoleon Asset Management has unveiled a bitcoin fund that invests in the cryptocurrency via listed futures.
Napoleon Bitcoin Fund is a specialised professional fund under French law with daily liquidity which, according to the boutique, is one of the first regulated vehicles in the world offering exposure to bitcoin.
The company says that by launching this new fund it wanted to support institutional and professional investors in their search for portfolio diversification.
The Fund aims to replicates the performance of bitcoin by investing in futures listed on the Chicago Mercantile Exchange in cash settlement, thus avoiding the problem of storing and valuing Bitcoin.
Stéphane Ifrah, president of Napoleon AM, said: "This fund is the culmination of our discussions with the regulator and our partners to offer a real alternative to professional investors.
"We are proud to contribute to the institutionalisation and democratisation of digital assets through a unique regulated fund under the French law."