Bitcoin is king. Interview with Jad Comair, Founder and CEO at Melanion Capital

Crypto Week befell within the US this July 2025, with model new legal guidelines hitting the highway (Genius and Readability Acts), and excellent news for stablecoin and crypto holders, in addition to an anticipated constructive impression on rates of interest, and demand for the greenback and US Treasury Payments (not less than the short-term notes). Everybody wins, it appears. For the crypto brothers, is that this and at last the long-awaited Blockchain renaissance? Maintain your horses. Not but.

To know extra, we determined to speak to Jad Comair, Founder and CEO at Melanion Capital, who is aware of crypto and the monetary markets pretty properly. Nope, it’s not all gold. That is our alternate.

Inform us a bit about you and your organization.

I stay in Rome, however I’m French and Lebanese. I used to be born and raised in Lebanon. At 17, I moved to Paris to review engineering. I then joined Société Générale, the well-known French monetary firm, the place I grew to become a dealer, specializing in fairness and derivatives. 12 years in the past, I created Melanion Capital, which is an funding agency specialised in fairness derivatives. We’ve got a portfolio of merchandise, together with      Dividend Futures, which signify a place or guess on corporations’ future dividends.

I found Bitcoin within the early days and introduced it into Melanion round 2020. We launched      Europe’s first Bitcoin Equities UCITS ETF, which tracks the Melanion Bitcoin Publicity Index. As a substitute of shopping for Bitcoin, we purchase shares of corporations holding Bitcoin or investing in Bitcoin-related actions, comparable to Technique, The Blockchain Group, exchanges like Coinbase, or miners like Marathon Digital Holdings. The ETF is created round their fairness.

Bitcoin has develop into a pillar of our technique. A lot in order that I launched Melanion Digital, a sister firm centered on Bitcoin, which holds Bitcoin and develops funding options centered on Bitcoin solely. It’s extra of a start-up. We raised $15 Mill in our seed spherical, and at the moment are opening our Collection A, price $40 Mill. Melanion now has a employees of 20 folks, unfold internationally. Our buyers are additionally worldwide, however primarily from Europe and the Center East.

Straight query. Is Blockchain again?

I’m a powerful Bitcoin believer. However I’m extra cautious of different cryptocurrencies and on blockchain as a tech, in additional common phrases. We’ve got not but discovered a convincing, or killer, use case that’s actually reworking companies and our lives by way of blockchain. Bitcoin is proving to be the one and the most effective use case. Bitcoin nonetheless has room to develop, because it’s not totally established in every single place but. Bitcoin makes a variety of sense, because of its structure, widespread diffusion, transparency and price of acceptance. For positive, early adopters have benefited from its rise, however there’s sufficient room to unfold its constructive impression. Bitcoin is again, however blockchain remains to be in quest of its position, and so are the opposite cryptocurrencies.

What’s in the way forward for Melanion? What’s the way forward for Blockchain?

Bitcoin is a option to entry worth, cheaply and at scale. For those who take Nigeria, for instance, you may see one of many highest penetrations of Bitcoin, when it comes to the variety of wallets and other people.

The Genius Act is a strong approach for the US to take care of the dominance of the US greenback, by giving readability to US dollar-backed stablecoins. That is additionally a powerful message for central financial institution digital cash. The US is sending a powerful sign in opposition to a single CBDC, whereas within the EU and China, there’s nonetheless the idea that there’s a place for a centralized digital forex.

For me, Bitcoin is the one reply for now and stays the main target for Melanion. One of many newest developments is Bitcoin treasury corporations. For instance, Technique began issuing shares and borrowing in opposition to its holdings to purchase extra Bitcoin, beating the return of Bitcoin itself. It’s a extra assertive stance in direction of Bitcoin. We’ll comply with that pattern intently, as it’s spreading from Japan to Europe, to different corporations within the US, and we are going to take our positions there, too. Our eyes and cash are on Bitcoin for now.

The July Blockchain bonanza boosted all the crypto market, for positive, and possibly sanitized the media dialogue and clarified roles and duties of entities just like the SEC. Bitcoin and Ethereum are commodities, and but – amid the normal monetary world below stress – might signify the best choice for the excessive return wealth managers and buyers. Blockchain isn’t again but. Bitcoin by no means left.

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