Europe has now made history with the launch of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF. The eagerly anticipated ETF began trading on the Euronext Amsterdam stock exchange on August 15, 2023, and it is the continent’s first Bitcoin ETF.
The Jacobi FT Wilshire Bitcoin ETF trades under the BCOIN ticker, and it offers investors direct exposure to Bitcoin. The ETF distinguishes itself from similar ETF offerings on the continent by maintaining ownership of the underlying asset rather than operating as a debt instrument.
Notably, the ETF aligns with Environmental, Social, and Governance (ESG) principles and provides an eco-friendly avenue for Bitcoin investment. It quantifies Bitcoin’s energy usage, offsets with Renewable Energy Certificates (RECs), and ensures transparent verification on a blockchain.
Fidelity Digital Assets oversee the fund’s custodial services, and Flow Traders will play the role of market maker for the fund.
Martin Bednall, CEO of Jacobi Asset Management, highlighted the company’s collaboration with prominent partners in the digital asset realm. According to him, this approach aligns with their commitment to advancing the digital asset market’s development.
Jacobi’s ETF launch comes after a year-long delay, as initial plans to debut on Euronext Amsterdam in July 2022 were postponed due to unfavorable market conditions.
This successful launch highlights Europe’s lead in introducing a spot Bitcoin ETF, a feat yet to be achieved in the United States.
Bednall commented on Europe’s proactive stance:
“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF.”
Despite multiple applications, the US Securities and Exchange Commission (SEC) consistently rejected Bitcoin ETF proposals. However, hopes are renewed with BlackRock’s fresh application, which includes surveillance-sharing agreements aimed at safeguarding against market manipulation.
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