updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The Jacobi FT Wilshere Bitcoin ETF listing marks a significant achievement for the firm and the broader European crypto investment landscape.
Europe’s financial landscape is undergoing a significant change as Jacobi Asset Management company lists its first spot Bitcoin exchange-traded fund (ETF) on Euronext, a stock exchange platform based in Amsterdam. The move comes two years after the investment vehicle was approved by the Guernsey Financial Services Commission (GFSC) in October 2021. The fund, named the Jacobi FT Wilshere Bitcoin ETF, was initially planned for release last year. But the company turned back on the plans due to the market conditions and other negative news in the industry, including the catastrophic collapse of the Terra (LUNA) blockchain and the FTX fiasco.
After months of postponement, Jacobi finally announced on August 15 that the Bitcoin (BTC) spot ETF is now available for trading on the stock exchange. The investment fund will be traded on Euronext under the ticker BCOIN. Investors are charged a 1.5% annual management fee.
According to the official press release, Fidelity Digital Assets, a subsidiary of the famous financial services company Fidelity Investments, will become the custodian of BCOIN. Similarly, Flow Traders has been authorized to serve as the official market maker for the fund, while Jane Street and DRW will serve as participants.
Regarding the fund’s benchmark, the FT Wilshire Bitcoin Blended Price Index, Jacobi said that Wilshire Indexes would provide the services with the REC solution created in collaboration with the digital asset platform Zumo.
With the listing of this investment vehicle in Amsterdam, Europe, the continent has emerged as the first region to introduce BTC investing opportunities for traditional corporate investors, beating the US and Asia.
“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,” said Martin Bednall, CEO of Jacobi Asset Management.
Despite multiple applications submitted to the US Securities and Exchange Commission (SEC) over the years, none have been approved. Nonetheless, the tide may be shifting, with industry heavyweights like BlackRock leading new applications designed to address concerns related to market manipulation.
The Jacobi FT Wilshere Bitcoin ETF listing marks a significant achievement for the firm and the broader European crypto investment landscape. In a departure from exchange-traded notes (ETNs), this ETF introduces a fresh approach, offering investors direct ownership without the complexities associated with debt securities.
“Unlike other products in the European market, which are debt instruments, our fund owns the underlying asset directly. Jacobi is proud to be supported by Tier1 partners at the forefront of this digital asset market evolution while pioneering an innovative, environmentally sound solution for European investors,” Bednall continued.
The fund goes beyond technological innovation – it embraces sustainability. Aligned with Article 8 of the European Sustainable Finance Disclosure Regulation (SFDR), the ETF is hailed as the first decarbonized digital asset fund. The partnership with digital asset platform Zumo facilitates the integration of a Renewable Energy Certificate (REC) solution, ensuring institutional investors align with Environmental, Social, and Governance (ESG) objectives while participating in Bitcoin transactions.
As digital assets carve out a place within traditional finance, Jacobi’s debut as Europe’s first Bitcoin ETF showcases the region’s pioneering spirit in seizing transformative opportunities. By ushering in transparency, direct ownership, and sustainability considerations, the ETF marks a significant stride toward integrating digital assets into the heart of conventional financial systems.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
After 12 months of the planned launch, Jacobi Bitcoin ETF revealed that the first spot BTC ETF in Europe is about to see daylight.
The first spot Bitcoin ETF is finally launching this month after experiencing a year-long delay. London-based multi-asset investment platform Jacobi Asset Management got the green light from the Guernsey financial regulator in October 2021 to launch its Jacobi Bitcoin ETF on Euronext Amsterdam in July 2022. The firm announced that the spot Bitcoin ETF will trade under the ticker “BCOIN”. At the time, CEO Jamie Khurshid noted that the Jacobi Bitcoin ETF would give investors access to the exciting features of BCOIN through a trusted investment vehicle in Europe.
Although Jacobi Asset Management was set to unveil the first spot Bitcoin ETF in Europe last year, the multiple collapses in the crypto space caused the delay. The unexpected fall of the Terra ecosystem and the dramatic demise of FTX, which led to unfavorable market conditions, forced the asset manager to suspend the listing.
After 12 months of the planned launch, Jacobi Bitcoin ETF revealed that the first spot Bitcoin ETF in Europe is about to see daylight. The asset manager told Financial Times that the fund is “on track” to launch this month, following the decision to postpone last year’s unveiling as “the time wasn’t right”.
Jacobi has always emphasized that it is rolling out an ETF and not an exchange-traded note. Meanwhile, digital assets exchange-traded products in Europe have been structured as exchange-traded notes rather than funds. According to the co-founder and chief operating officer of Jacobi, note issuers misuse the term- ETF and BCOIN will be the first Bitcoin ETF on Euronext. He said:
“There has been so much misinformation and misuse of the term ETF by [ETN] issuers, presumably to obfuscate the risks that are inherent in acquiring and investing in ETNs.”
In addition, Jacobi said the first spot Bitcoin ETF in Europe cannot use derivatives or be leveraged like ETNs.
A partner in offshore law firm Carey Olsen, David Crosland, referred to Guernsey as a place that provides “a number of advantages” to support the launch of Bitcoin funds. He also noted that the second-largest Island in the Channel Islands is able to back the ETF.
“As a specialist fund servicing jurisdiction that is not subject to the inherent inflexibilities of being an EU member, Guernsey was able to move quickly to adapt to support this launch. [Guernsey’s] flexibility and willingness to understand the complex details has allowed the promoter to launch a fund vehicle that benefits from regulated fund status when other European jurisdictions are unable to do so.”
Jacobi Asset Management said Fidelity Digital Assets will offer custodial services for the first spot Bitcoin ETF in Europe.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.