Key takeaways:
- The London-based asset management company Jacobi said its new investment product would go live on the Euronext Amsterdam stock exchange.
- The asset management company also emphasized the fund’s socially and environmentally responsible attributes.
More than a year after its scheduled 2022 debut, the London-based asset management company Jacobi said its new investment product would go live on the Euronext Amsterdam stock exchange on August 15.
The Guernsey Financial Services Commission (GFSC) oversees the Jacobi FT Wilshere Bitcoin ETF, which will trade under the ticker “BCOIN.” Fidelity Digital Assets will be in charge of the fund’s custody, and Flow Traders will serve as the market maker, according to a statement made by Jacobi.
The asset management company also emphasized the fund’s socially and environmentally responsible attributes, noting that it now includes a renewable energy certificate (REC) in its ETF.
The fund purchases and retires the RECs while using external data to measure the Bitcoin network’s energy consumption. Additionally, the RECs are tracked on a blockchain platform, enabling investors to confirm the fund’s environmental claims.
With the intention of listing the fund in 2022, Jacobi initially received approval for it in October 2021. Due to unfavorable conditions elsewhere in the market for digital assets, such as the failure of the Terra ecosystem and the bankruptcy of cryptocurrency exchange FTX, the company decided to delay its ambitions.
In Europe, exchange-traded notes (ETNs), also known as exchange-traded products (ETPs), are frequently used; nonetheless, Jacobi’s offering is the first ETF.
While owners of ETNs own debt securities, ETF shareholders own a fraction of the underlying shares of the product. In contrast to ETNs, Jacobi claims that its ETF cannot be leveraged or use derivatives.
The listing implies that Europe will have a spot Bitcoin ETF traded before the US, despite the fact that the Securities and Exchange Commission (SEC) has rejected scores of applications for spot bitcoin ETFs over the past few years.
However, after asset management behemoth BlackRock (BLK) spearheaded a rush of new applications incorporating “surveillance-sharing” agreements intended to prevent market manipulation, there has been renewed optimism that the regulator will authorize a spot bitcoin fund.
After the eagerly anticipated debut of the Jacobi FT Wilshire Bitcoin ETF by Jacobi Asset Management, Europe will receive the first-ever spot Bitcoin ETF.
