VanEck has partnered with Inter Invest to offer the first bitcoin exposure through a French pension savings plan via its bitcoin exchange-traded note (ETN).
The $407m Vaneck Bitcoin ETN (VBTC) will be offered to French Pension Savings Plan (PER) investors, marking the first digital asset exposure accessible by French pension plan investors.
VBTC is fully collateralised and physically replicates the MarketVector Bitcoin VWAP Close index.
The ETN carries a total expense ratio of 1%.
VanEck cautioned investors should be “well aware of the volatility inherent in cryptocurrencies”.
Martijn Rozemuller, CEO of VanEck Europe, commented: “We firmly believe that bitcoin is an innovative long-term asset.
“Its current volatility reflects a value-seeking phase, typical of emerging assets. Our ETN allows investors to gain exposure to this dynamic via a regulated and easily accessible product.”
Jean-Baptiste de Pascal, deputy CEO of Inter Invest, added: “This partnership is part of our overall strategy to democratise innovative financial assets.
“By including crypto assets in our retirement savings plan, we are responding to growing market demand to combine retirement preparation and diversification into digital assets.”
The arrival of bitcoin ETNs in French pension plans follows the first crypto ETN listings on the London Stock Exchange in Q2 after the Financial Conduct Authority (FCA) greenlit access to the product class by professional investors.
However, digital assets continue to face skepticism with the European Central Bank (ECB) describing the Securities and Exchange Commission’s (SEC’s) approval of spot bitcoin ETFs as “the naked emperor’s new clothes”.
The news marks VanEck’s latest involvement in the asset class after the firm enabled staking on the $150m Vaneck Ethereum ETN (VETH) in April.
