What Melanion Capital does

Melanion Capital SAS is a Paris-based, AMF-regulated independent investment management firm founded in 2013 by Jad Comair, who previously directed the fundamental trading desk at Société Générale's Equity Derivatives department. The firm operates three product lines: (1) the Melanion Bitcoin Equities UCITS ETF, launched in 2021 as Europe's first UCITS-regulated ETF providing exposure to crypto-sector equities; (2) Alternative Investment funds spanning Dividend Futures (since 2013), a Volatility Fund (2017), a Systematic Macro Fund (2019), and an Alpha Fund systematic options strategy (2024); and (3) a Bitcoin Treasury service, launching in 2026, which positions Bitcoin as a corporate treasury asset for institutional clients. The underlying investment process combines derivatives expertise with quantitative and systematic strategies, supported by Ghali Laraqui's quantitative analyst background.

The firm monetizes primarily through management fees on UCITS and alternative investment funds, with performance fees on certain products in line with industry standards; pricing is not publicly disclosed and terms are negotiated bilaterally with professional investors. Distribution is mixed: the Bitcoin Equities ETF is listed on Euronext Paris and the German stock exchange, making it accessible through European financial intermediaries, while alternative investment funds are sold directly to professional investors via Melanion's sales team and through seeding/distribution partners Lyxor (since 2013) and Advenis (since 2014). The firm is structured as a French SAS, is authorized under the AIFM Directive (2011/61/EU) and UCITS Directive (2009/65/EC), and operates exclusively in Europe (primarily France).

The customer base consists of professional and institutional investors, including those specifically seeking regulated exposure to Bitcoin and digital asset themes through a UCITS wrapper. The firm maintains a small team (11–50 employees) and has built brand visibility through coverage in Bloomberg, Financial Times, Forbes, CoinDesk, Le Figaro, and other outlets, and through founder-led content such as the Bitcoin Equities Talks podcast. A separate Melanion Foundation, sheltered by Fondation de France, handles philanthropic activity and is not part of the commercial business.

Name

Melanion Capital

Legal name

Melanion Capital SAS

Website

https://melanion.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Melanion Capital is a Paris-based, AMF-regulated independent investment manager offering Europe's first Bitcoin Equities UCITS ETF, systematic alternative investment funds (dividend futures, volatility, macro, options), and Bitcoin Treasury services for professional and institutional investors.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Other Investment Pools and Funds (5259), Open-End Investment Funds (525910), All Other Financial Investment Activities (52399)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Index-Tracking Funds, ETPs & Structured Index Products (Crypto) (FSADAHAC)

akta.pro secondary industries

Active Crypto Asset Managers (Discretionary) (FSADAHAA), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), Volatility & Options Macro (FSAHABAG), Discretionary Macro (Rates, FX, Equities) (FSAHABAA)

Keywords

• Alternative asset management
• Ucits bitcoin etf
• Quantitative investment strategies
• Systematic macro funds
• Institutional investment management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Fund Management Fees: Melanion Capital generates revenue through management fees charged on its alternative investment funds and UCITS ETFs. The firm manages assets across multiple strategies including dividend futures, volatility, systematic macro, and Bitcoin equities.
2. Performance Fees: The firm likely charges performance fees on certain fund products aligned with industry standards for hedge fund and alternative investment structures.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels11 records

Core offering

Melanion Capital manages alternative investment funds and a UCITS Bitcoin Equities ETF for professional and institutional investors, applying quantitative and systematic strategies across volatility, macro, and dividend futures themes. The firm also provides a Bitcoin Treasury solution enabling corporations to gain regulated Bitcoin exposure for their balance sheets.

Product overview

Melanion Capital is a disciplined investment firm offering three core product lines: (1) the Bitcoin Equities UCITS ETF - Europe's first regulated Bitcoin-themed ETF providing transparent crypto-sector exposure to all investors; (2) Alternative Investments encompassing Melanion Funds built on financial derivatives expertise including the Alpha Fund (flagship systematic options), Volatility Fund, and Systematic Macro Fund; and (3) Bitcoin Treasury - a private Bitcoin treasury company for institutional treasury management. All offerings are regulated by the AMF and built on quantitative and alternative investment expertise developed since 2013.

Differentiator

Problem solved

Functional benefit

Products and services

• Melanion Bitcoin Equities UCITS ETF

Quantifiable outcome

• First Bitcoin Equities UCITS ETF in Europe - providing regulated, transparent exposure to crypto-sector companies
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Solidarité LibanminorStrategic or Co-development Partner · 4 August 2020Partnership with Solidarité Liban to help people of Lebanon after the devastating August 4th, 2020 blast. Melanion Foundation matched every dollar donated.
• AdveniscoreChannel Partner/ Reseller/ Distributor · 1 January 2014Partnership for seeding and distribution of Melanion's funds in UCITS format, established in 2014. Advenis, a French investment management group, facilitated distribution of Melanion's products to a broader investor base.
• LyxorcoreChannel Partner/ Reseller/ Distributor · 1 January 2013Partnership established in 2013 for seeding and distribution of Melanion's alternative investment products. Lyxor, a major European asset manager, provided initial funding and market access for Melanion's fund launches.
• Euronext PariscoreChannel Partner/ Reseller/ DistributorStock exchange listing of the Melanion Bitcoin Equities UCITS ETF on Euronext Paris, providing primary market access for European investors.
• German Stock ExchangecoreChannel Partner/ Reseller/ DistributorStock exchange listing of the Melanion Bitcoin Equities UCITS ETF on the German stock exchange, expanding distribution across German-speaking European markets.
• Fondation de FrancecoreStrategic or Co-development PartnerThe Melanion Foundation is sheltered by Fondation de France, a major French philanthropic organization. This partnership provides the foundation with institutional credibility and administrative support for its scholarship programs.
• Solidarity with UkraineminorStrategic or Co-development PartnerMelanion Foundation joined Solidarity with Ukraine initiative, led by Fondation de France, to help vulnerable people affected by the conflict.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• iShares (BlackRock): World's largest ETF issuer with growing European crypto ETP products including spot Bitcoin exposure. Broad incumbent in the European ETF category with vastly larger scale and distribution.
• Man Group: Global quantitative and alternative investment manager with systematic and discretionary macro strategies. Comparable to Melanion's alternative investments platform in product type and institutional client base, with much greater scale.
• Amundi (Lyxor): Europe's largest asset manager and ETF provider, and a long-standing distribution and seeding partner of Melanion since 2013. Broader incumbent that competes across all of Melanion's product lines while also serving as a distribution channel.

Direct peers

• Brevan Howard: Global macro hedge fund manager specializing in macro and systematic volatility strategies. Direct peer to Melanion's Systematic Macro and Volatility Funds in product style and institutional professional-investor client base.
• Capula Investment Management: Global macro hedge fund with systematic fixed income, credit, and volatility strategies. Comparable to Melanion's systematic macro and volatility funds in strategy type and European institutional client base.
• WisdomTree: Global ETF issuer with a significant European crypto and digital-asset ETP product suite. Competes directly with Melanion's Bitcoin Equities UCITS ETF across European stock exchanges for institutional and advisor-distributed flows.
• VanEck: ETF issuer with established European crypto and digital-asset ETP lineup. Direct peer in the regulated European crypto ETP/ETF category, with similar exchange listings and institutional distribution model.
• CoinShares: European digital asset investment firm offering crypto ETPs and a digital asset fund platform. Direct competitor to Melanion in the European regulated crypto ETP/ETF category with similar institutional and professional-investor target market.
• 21Shares: Swiss-based issuer of crypto ETPs and ETFs in Europe. Direct competitor to Melanion's Bitcoin Equities UCITS ETF, serving institutional and professional investors with regulated crypto exposure through European exchange listings.

Regional players

• Investerment AB (Investcorp): Alternative investment manager with European and MENA exposure in hedge funds and digital assets. Tangentially comparable to Melanion's alt-investment platform with some overlap in institutional professional-investor client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MelanionCap
• YouTubeyoutube.com/@melanioncapital
• LinkedInlinkedin.com/company/melanion-capital
• Instagraminstagram.com/melanioncapital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Melanion Capital