Europe’s First Bitcoin ETF Listed by Jacobi Asset Management
London-based Jacobi Asset Management has listed Europe’s first spot bitcoin exchange-traded fund (ETF) on Euronext Amsterdam. The ETF, regulated by the Guernsey Financial Services Commission, will trade under the ticker “BCOIN” and custody will be provided by Fidelity Digital Assets. Trading firm Flow Traders operates as the market maker for the fund.
Key Points:
– Jacobi first won approval for the fund in October 2021 with plans to list it in 2022.
– The firm delayed its plans due to unfavorable circumstances in the digital asset market, including the collapse of the Terra ecosystem and the bankruptcy of crypto exchange FTX.
– This ETF is the first of its kind in Europe, as exchange-traded notes (ETNs) are more common.
– ETF shareholders own underlying shares, while ETN investors own a debt security. Jacobi’s ETF cannot be leveraged or use derivatives, unlike ETNs.
– Despite multiple rejections of bitcoin ETF applications by the US Securities and Exchange Commission (SEC), Europe now has a spot bitcoin ETF listed before the US.
Hot Take:
The listing of Europe’s first spot bitcoin ETF by Jacobi Asset Management is a significant milestone for the crypto market. While the US has faced regulatory hurdles in approving such ETFs, Europe is taking the lead. This move opens up new opportunities for investors in the region and highlights the growing acceptance of cryptocurrencies in traditional financial markets. It will be interesting to see how this development impacts the global crypto landscape and whether it prompts further regulatory actions in other jurisdictions.
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