Asset Manager launches the first mutual fund of bitcoin

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Tobam's alternative investment fund may be the latest bid to attract institutional investors to cryptocurrencies.

According to the Financial Times, the launch of the mutual fund follows the approval of the financiers of Autoritй des Marchйs Financiers, one of the country's leading financial regulators. In the report, PwC will perform auditing services, and Caceis, the banking group for asset management of the French Crйdit Agricole, will keep custody of the bitcoins tied to the fund.

Speaking to the FT, Choueifaty struck a bullish mood on the fund's prospects, saying that he expects it to grow to $ 400 million over the next few years.

That institutional investors want to access to the cryptocurrency markets is perhaps not surprising given recent reports from the traditional hedge fund world.