The move comes two years after the Guernsey Financial Services Commission (GFSC) approved the investment vehicle in October 2021.
The listing of the Jacobi FT Wilshere Bitcoin ETF marks a significant achievement for the firm and for the broader European crypto investing landscape. The financial landscape in Europe is undergoing a significant change as Jacobi Asset Management firm lists its first Bitcoin exchange-traded fund (ETF) on Euronext, an Amsterdam-based stock exchange.
The move comes two years after the Guernsey Financial Services Commission (GFSC) approved the investment vehicle in October 2021. The fund, called the Jacobi FT Wilshere Bitcoin ETF, was initially planned for launch last year. However, the company backtracked on the plans due to 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 Aug. 15 that the Bitcoin (BTC) Spot ETF is now available for trading on the stock exchange. The investment fund will trade on Euronext under the symbol BCOIN. Investors are charged an annual management fee of 1.5%.
Europe Beats the US with BCOIN Launch
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 act as the official market maker for the fund, while Jane Street and DRW will act as participants.
Regarding the fund’s benchmark, the FT Wilshire Bitcoin Blended Price Index, Jacobi said Wilshire Indexes would provide the services with the REC solution created in collaboration with digital asset platform Zumo. With the listing of this investment vehicle in Amsterdam, Europe, the continent has become the first region to present BTC investment opportunities for traditional corporate investors, surpassing the US and Asia.
“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing to institutional investors who want secure access to the benefits of digital assets using familiar and regulated structures like our ETFs,” Martin said.
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 turning, with industry heavyweights like BlackRock leading the way in new apps designed to address concerns surrounding market manipulation.
First Decarbonized Digital Assets Fund
The listing of the Jacobi FT Wilshere Bitcoin ETF marks a significant achievement for the firm and for the broader European crypto investing landscape. Unlike Exchange Traded Bonds (ETNs), this ETF takes a new approach, offering investors direct ownership without the complexities associated with debt securities.
The fund goes beyond technological innovation: it embraces sustainability. In line with Article 8 of the European Sustainable Finance Disclosure Regulation (SFDR), the ETF is hailed as the first decarbonized digital asset fund. Partnership with digital asset platform Zumo facilitates integration of a Renewable Energy Certificate (REC) solution, ensuring institutional investors align with environmental, social and governance (ESG) goals while participating in transactions of Bitcoin.
As digital assets find a place within traditional finance, Jacobi’s debut as Europe’s first Bitcoin ETF shows the region’s pioneering spirit to seize transformative opportunities. By introducing considerations of transparency, direct ownership, and sustainability, the ETF marks a significant step toward integrating digital assets into the heart of mainstream financial systems.
By Audy Castaneda
