Tobam launches Europe’s first bitcoin mutual fund

Paris-based asset manager Tobam has launched what it claims is Europe’s first bitcoin mutual fund.

The Tobam Bitcoin Fund will be an unregulated Alternative Investment Fund and will be domiciled in France.

The €8 billion asset manager said the fund would for the first time give institutional investors exposure to the cryptocurrency in a convenient and safe vehicle.

While acknowledging bitcoin’s high level of volatility – which has seen it swing in value from under $1000 (€850) to over $8000 since March – Tobam says that the fund will provide significant diversification opportunities for investors.

Tobam president Yves Choueifaty said that the firm had conducted extensive research from a technical, financial, economic, and regulatory point of view on bitcoin for over a year before launching the fund.

“This first move in the world of cryptocurrencies showcases our dedication to remaining ahead of the curve and to provide our clients with innovative products in the context of efficient markets,” he said.

The fund launch coincides with a week in which bitcoin has surged to a record high value of over $8,362 amid fears that the cryptocurrency could be in bubble territory.

©2017 funds europe

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