A French asset management firm launches its “Napoleon Bitcoin Fund” tied to CME’s cash-settled bitcoin futures.
Napoleon Asset Management, a subsidiary of French financial services firm Napoleon Group, has announced the launch of a bitcoin-tied investment fund.
Dubbed “Napoleon Bitcoin Fund,” the offering is aimed at professional investors and institutions, with a minimum buy-in of €100,00, according to a report by French news outlet Les Echos.
The fund aims to replicate the performance of bitcoin via cash-settled futures listed on the Chicago Mercantile Exchange (CME). This means that the firm does not hold any actual bitcoins but rather offers its clients “exposure” to BTC price movements via “synthetic replication and a daily liquidity.”