Paris-based $10B asset manager Tobam launched Bitcoin mutual fund

posted 19 days ago
A Paris-based asset manager has launched Europe’s first Bitcoin mutual fund in a move intended to draw institutional investor interest in the cryptocurrency that has surged from $1,000 to more than $8,300 this year.

The unregulated Tobam Bitcoin fund is the latest evidence that cryptocurrencies are pushing deeper into the mainstream.

There are significant regulatory hurdles for asset managers to buy Bitcoin and other cryptocurrencies. Tobam’s fund is classified as an alternative investment fund, is not traded on an exchange and does not fall under the European mutual fund structure known as Ucits.

However, it has daily liquidity based on market closing prices, as is the case in most Ucits mutual funds. Tobam said it required the approval of France’s financial regulator, the Autorité des Marchés Financiers, to launch the fund.

Yves Choueifaty, the founder of Tobam, said the $10bn asset manager had to convince the AMF that the bitcoin fund’s “framework is protective of investors”.
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