The Jacobi FT Wilshire Bitcoin ETF Goes Live in Europe
Europe has beaten the US to the punch by listing the continent’s first spot Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam stock exchange. The Jacobi FT Wilshire Bitcoin ETF, with the ticker symbol BCOIN, is now available to European investors, overseen by the Guernsey Financial Services Commission.
European ETFs vs European ETPs
While the listing of the European spot Bitcoin ETF is indeed a milestone, it has been criticized by Patric Hansen of Circle. He argues that EU ETFs cannot be used for single assets like Bitcoin due to regulatory reasons. However, Bitcoin exchange-traded products (ETPs) have been available in the EU for years.
US Struggles to Approve Spot Bitcoin ETFs
In contrast, the US is facing delays in approving spot Bitcoin ETFs. Several investment funds, including BlackRock, have submitted applications, but the Securities and Exchange Commission (SEC) has been slow to review them. This has led to criticism from figures such as Cameron Winklevoss of Gemini.
Europe’s Proactive Approach
Europe’s successful listing of a spot Bitcoin ETF highlights its proactive approach compared to the US. The community believes that the US is consistently behind when it comes to adopting new financial instruments. Overall, the community has shown excitement for the European ETF, although Bitcoin’s price has not yet reacted significantly.
Hot Take
The listing of Europe’s first spot Bitcoin ETF is a significant achievement, showcasing Europe’s proactive stance in the crypto market. While the US continues to face delays in approving similar ETFs, Europe has taken the lead. However, regulatory limitations prevent the use of ETFs for single assets like Bitcoin, leading to the availability of Bitcoin ETPs instead. The community’s excitement is tempered by the lack of a significant price reaction from Bitcoin.
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