Fund Tracking Bitcoin Launches in Europe as Crypto Gains Backers

Tobam, a Paris-based fund manager, has set up what it says is the first mutual fund in Europe to track the value of bitcoin investments, in the latest sign that the cryptocurrency is overcoming industry reservations.

The fund will be available to investors worldwide on a private-placement basis, the company said in a statement Wednesday. While bitcoin is “prone to significant risks,” it provides diversification benefits and, together with other cryptocurrencies, has the potential to become a durable standard in financial and saving markets, according to the statement. Tobam’s cyber-security systems will back up the fund.