VanEck, the issuer of Bitcoin ETFs, has formed a partnership with Inter Invest, an asset manager, to introduce the first-ever Bitcoin exposure option within French retirement savings plans.
VanEck’s VBTC Bitcoin ETF, which was recently introduced on Australia’s leading exchange, facilitates the initiative. The objective of the VBTC ETF is to offer French Pension Savings Plan (PER) investors the chance to incorporate digital assets into their retirement portfolio, with a total value of $407 million.
VBTC is intended to be completely collateralized and to observe the MarketVector Bitcoin VWAP Close Index, which is a metric that evaluates the performance of a digital asset portfolio that is directly invested in BTC.
The VBTC ETF offers investors a regulated product that allows them to gain exposure to the largest cryptocurrency, similar to the recently approved ETF market in the United States, which was launched in January after receiving approval from the US Securities and Exchange Commission (SEC).
VanEck Europe’s CEO, Martijn Rozemuller, underscored the organization’s conviction that Bitcoin (BTC) is a sustainable and innovative asset. Nevertheless, he observed that the cryptocurrency’s price volatility over the past month is indicative of a value-seeking phase that is common among emerging assets.
In early July, Bitcoin suffered a 25% retracement in price following an unsuccessful attempt to retest its current all-time peak of $73,500 between May and June. The price of BTC plummeted to a six-month low of $53,500.
Conversely, Jean-Baptiste de Pascal, the Deputy CEO of Inter Invest, underscored the organization’s dedication to the “democratization” of innovative financial assets.
De Pascal proposed that the company intends to address the increasing market demand for retirement savings coupled with diversification into digital assets by incorporating crypto assets into its retirement savings plans.
The French pension plans have incorporated Bitcoin ETFs as a result of their authorization of the first crypto ETF listings on the London Stock Exchange in Q2, which provided professional investors with access to this asset class.
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