December 11, 2019 Napoleon AM launches a bitcoin fund tied to CME cash-settled bitcoin futures.

Napoleon AM, a French fund licensed as an “Alternative Investment Fund Manager”, began trading on Dec. 6. Investors must reside in France, and cross-border trade is not permitted. The fund makes use of the Chicago Mercantile Exchange’s (CME’s) cash-settled Bitcoin futures, allowing investors to gain exposure to bitcoin price movements without holding any actual bitcoin. In a press statement, Stéphane Ifrah, Napoleon’s President, characterized the fund’s launch as “the culmination of discussions” with French regulators, remarking “We are proud to contribute to the institutionalization and democratization of digital assets through a unique regulated fund under French law.”