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Alternative Market Briefing

TOBAM launches first Bitcoin fund

Friday, November 24, 2017

Bailey McCann, Opalesque New York:

French asset manager TOBAM, has launched the first Bitcoin focused mutual fund in Europe. The TOBAM Bitcoin Fund will operate as an unregulated alternative investment fund domiciled in France.

TOBAM created the fund using an in-house crypto research team and will open the fund to institutions and qualified investors. "We have done research on the liquidity of Bitcoin and our conclusion is that as the first cryptocurrency, Bitcoin has reached a level of liquidity that makes it available for institutions to invest in," said Yves Choueifaty, President of TOBAM, in an interview with Opalesque.

According to Choueifaty, the fund will invest in Bitcoin and Bitcoin assets using a risk mitigation process designed to account for the volatility of the Bitcoin market as well as any potential forks as the currency continues to mature. TOBAM, which is primarily known for its beta strategies, believes that Bitcoin can be a diversifier in institutional portfolios and may eventually become a reserve currency.

"Bitcoin is very compelling as a diversifier," says Choueifaty. "If there is one undeniable quality of Bitcoin is that is a diversifying asset."

The firm has been building up its technology and cybersecurity infrastructure and believes it can work with interested investors who want exposure to Bitcoin but are concerned about security.

TOBAM's internal team is also reviewing other cryptocurrencies like Ethereum for inclusion ......................

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