The 100% crypto fund of the French company Napoleon Asset Management was launched a few days ago. It is dedicated to institutional investors able to put a minimum ticket of 100. 000 euros.
Several companies were in the race, but it was finally Napoleon Asset Management who won the final sprint. According to our information, the management company approved by the Financial Markets Authority (AMF) has launched in recent days the first regulated crypto fund in France.
This fund called Napoleon Bitcoin Fund is not open to all investors. It is reserved for professionals – funds, management companies and others – able to put a minimum ticket of 100,000 euros. The fund will not hold bitcoins live but will replicate its performance through futures contracts listed on the Chicago Stock Exchange.
Advancement of the act Pacte
Napoleon AM is not the first French company to offer professionals to invest in crypto financial products. At the end of 2017, Tobam announced the launch of a bitcoin fund, a first in Europe at the time. But this one was unregulated due to a lack of suitable framework.
The Act Pacte, passed earlier in the spring, has provided a framework for the sector. In addition to the status of a crypto (platform) service provider, the law amended the provisions of the Monetary and Financial Code relating to assets eligible for investment by specialized professional funds (FPS). This is the status adopted by Napoleon Bitcoin Fund.
Since the passage of the law, any “good” “registered in a shared electronic recording device,” i.e. a blockchain, can make up the assets of an SPF. And there is no limit on exposure. “They can put 100% cryptos,” confirmsa lawyer.
But are investors willing to bet on this type of fund? The question arises as demand for crypto-assets struggles to take off. After a stratospheric 2017 (with a peak of almost $20,000), bitcoin has fallen back to earth. It now hovers around $7,500.
However, the continued decline in rates could boost crypto funds. “Professionals need to find performance. And in this context of low rates, there are not 50 solutions,”explains someone in the crypto ecosystem. Provided customers follow them.
- Article Raphael Bloch – Source: The Echos