First European ‘spot’ bitcoin ETF enters the market

Bitcoin ETF
Key facts:
  • The ETF is issued by Jacobi Asset Management, a London investment firm.
  • It is listed on the Amsterdam Stock Exchange.

Jacobi Asset Management, a UK digital asset manager, has listed Europe’s first spot bitcoin (BTC) exchange-traded fund (ETF) on the Netherlands stock exchange, Euronext Amsterdam.

The asset name, provided by index provider Wilshire Indexes, is “ETF Jacobi FT Wilshire Bitcoin” and it will trade under the ticker “BCOIN”. It is regulated by the Guernsey Financial Services Commission (GFSC) and its custody is in charge of the asset manager Fidelity Digital Assets.

The CEO of Jacobi Asset Management, Martin Bednall, said in this regard that “it is exciting to see Europe ahead of the United States in opening up investment in Bitcoin for institutional investors who want secure access to the benefits of digital assets using familiar structures. and regulated”.

“Unlike other products on the European market that are debt instruments, our fund owns the underlying asset directly,” he said. That is why it is a spot ETF, that is, it invests directly in bitcoin, and not in futures as it abounds in the market.

“The launch of the Jacobi FT Wilshire Bitcoin ETF is a major milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited to partner with Jacobi and, as a leader in the development of institutional-grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”Mark Makepeace, CEO of index provider Wilshire Indexes.

This development comes after Jacobi obtained his first approval for the ETF almost two years ago. Specifically, that happened in October 2021 and although they intended to launch it in 2022, the initiative was postponed until now due to more opportune market conditions.

Meanwhile, as reported by CriptoNoticias, on the other side of the Atlantic Ocean, the United States Securities and Exchange Commission (SEC) is reviewing the group of requests from different companies such as BlackRock, to launch the first spot bitcoin ETF in the country.