After a year-long delay, Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF has officially debuted on the Euronext Amsterdam stock exchange, marking the first-ever spot Bitcoin ETF in Europe. Originally slated for a 2022 launch, the London-based digital asset management firm’s investment product is now trading under the ticker symbol BCOIN. Notably, the Guernsey Financial Services Commission approved the product in October 2021, with Fidelity Digital Assets managing its custodial aspects.
The Jacobi FT Wilshire Bitcoin ETF is now trading. Source: Euronext Amsterdam
The Jacobi Bitcoin ETF stands out for its unique features. It’s positioned as the inaugural physical-backed Bitcoin fund, backed by actual BTC holdings. The fund’s eco-friendly approach involves integrating a renewable energy certificate (REC). By measuring Bitcoin network energy usage and purchasing and retiring RECs, the fund emphasizes its commitment to sustainability. These environmental claims are verifiable via blockchain.
Revolutionizing European Crypto Investment
With Europe’s pioneering move in introducing the spot Bitcoin ETF, it highlights the continent’s progressive stance on crypto investment products. In contrast, the United States continues to grapple with the approval of similar applications from major asset managers like BlackRock and Fidelity. Jacobi CEO Martin Bednall sees Europe’s proactive approach as a potential catalyst for broader institutional adoption of digital assets, praising the use of regulated structures like their ETF.
Diverse Offerings in the European Crypto ETF Market
The Jacobi Bitcoin ETF joins other notable entrants in the European crypto ETF landscape. Earlier in June 2023, Melanion Capital introduced a Bitcoin Equities ETF on Euronext Amsterdam. This distinct offering tracks the Melanion Bitcoin Exposure Index, comprising European and American stocks closely correlated to BTC’s market value. Unlike the spot ETF, investors gain exposure to companies with significant Bitcoin holdings, cryptocurrency exchanges, and mining operations, including MicroStrategy, Riot, Marathon Digital, and Hut8.
The successful launch of the Jacobi Bitcoin ETF on Euronext Amsterdam heralds a groundbreaking development in Europe’s crypto investment realm. This accomplishment underscores the region’s willingness to embrace digital asset opportunities and positions it at the forefront of the evolving financial landscape.