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Italian fintech company Oval launches Bitcoin Generation, an ETN tied to an ETF on Bitcoin

Oval has been operating since April 2017 and was founded by Arese Lucini herself, former general manager of Uber in Italy, together with Claudio Bedino and Edoardo Benedetto, previously co-founders of the B2B crowdfunding platform Starteed, along with Simone Marzola, an expert in machine learning and artificial intelligence.

Anne Kings

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The Italian fintech company Oval has launched Bitcoin Generation, an ETN that replicates a Purpose Investments ETF on bitcoin. The new product allows you to invest in a Purpose Investments’ Bitcoin ETF through the use of ETN certificates that track its performance. In this way, you gain access to a portion of the fund that follows Bitcoin and in turn, tracks its performance by buying the underlying asset.

Although the ETF is issued in U.S. dollars, with Bitcoin Generation the currency is the euro and you are not subject to exchange rate risks since the issuer, SmartETN, handles currency exchange costs.

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The minimum sum to start investing is only $12 (€10)

To start investing, a minimum sum of $12 (€10) is sufficient, with the possibility of setting recurring weekly increments of the minimum amount of $1.2 (€1), thanks to the smart rules of Oval, which acts as a tax withholding agent for users residing in Italy and new investors can join the administered regime through the app. With this product, the fintech wanted to meet the precise request of its community to be able to invest in this market segment, which is in high demand today.

Benedetta Arese Lucini, CEO of Oval, commented: “2021 will be a year full of surprises for our users. After becoming a tax substitute, we have decided to add a new piece to our offer, bringing to the Invest section one of the products most requested by our community, without however forgetting Oval’s own investment philosophy, which is based on diversification and a medium-long term view.”

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Oval has been operating since April 2017 and was founded by Arese Lucini herself, former general manager of Uber in Italy, together with Claudio Bedino and Edoardo Benedetto, previously co-founders of the B2B crowdfunding platform Starteed, along with Simone Marzola, an expert in machine learning and artificial intelligence. The company cashed in $1.76 million (£1.26 million) with its equity crowdfunding campaign on the UK platform Seedrs, launched in November 2019. More than 2,000 investors have joined the campaign, of which more than 70% are “Ovalers”, i.e. users of the app. A 2.05% stake in the capital was offered in the campaign, with a pre-money valuation of $66.7 million (£47.8 million).

The campaign followed the latest $5.58 million (£4 million) investment round, for a 12.5% stake in the capital, signed in October 2019 by Eurizon sgr, the asset management company of Intesa Sanpaolo Group. Before then, the fintech company had already carried out three rounds.  At the end of 2016, it had raised $1.44 million (€1.2 million) from Intesa Sanpaolo, b-ventures (the accelerator founded by Mauro del Rio within Buongiorno, now Docomo Digital) and Bertoldi Holding. In April 2018 it had cashed in €1.5 million, of which $1.09 million (£788,000) raised in equity crowdfunding on the UK platform CrowCube. In June 2018, it had raised another $4.8 million (€4 million) from Intesa Sanpaolo, through its corporate venture Neva Finventures. Oval has so far raised the equivalent of over $14.67 million (€12.26 million).

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(Featured image by TheDigitalArtist via Pixabay)

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Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.