Coinspeaker
Jacobi Asset Management Makes History with Europe’s First Bitcoin ETF Listing
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.
Europe Beats the US with the Launch of BCOIN
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.
First Decarbonized Digital Asset Fund
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.
Jacobi Asset Management Makes History with Europe’s First Bitcoin ETF Listing
