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Europe's Pioneer: Jacobi Launches First Physical Bitcoin ETF on Euronext Amsterdam

Aug 15, 2023 at 12:15 pm

First European Bitcoin ETF Debuts on Euronext Amsterdam Stock Exchange

The Jacobi Bitcoin ETF has been officially launched on the Euronext Amsterdam stock exchange, over a year later than initially planned, by the London-based digital asset management company.

The trading of the Jacobi FT Wilshire Bitcoin ETF has commenced, as reported by Euronext Amsterdam.

In an announcement by the firm, its new investment product began trading on the Euronext Amsterdam stock exchange on August 15, a delay of more than a year from its originally scheduled launch date.

As previously reported by Cointelegraph, this offering was heralded as the inaugural spot or physically-backed Bitcoin fund, enabling investors to access a financial product that is tangibly supported by BTC.

Trading under the ticker symbol BCOIN, the new ETF received approval from the Guernsey Financial Services Commission in October 2021. Fidelity Digital Assets will manage the custodial aspects of the BCOIN ETF, as noted by Blockworks.

Additionally, the fund emphasized its environmentally and socially responsible attributes, introducing a renewable energy certificate (REC) to the ETF.

The fund employs external data to gauge the energy consumption of the Bitcoin network, and acquires and retires RECs. These RECs are recorded on a blockchain platform, intended to enable investors to verify the fund's eco-friendly assertions.

BCOIN utilizes the FT Wilshire Bitcoin Blended Price Index to access real-time average Bitcoin price data from specific cryptocurrency exchanges. The spot ETF offers investors exposure to the Bitcoin market without necessitating direct ownership or custody of the underlying asset.

The launch of Europe's first spot Bitcoin ETF represents a significant achievement, particularly as U.S. regulators have yet to authorize the approval of numerous similar spot Bitcoin ETF applications submitted by prominent asset management firms such as BlackRock and Fidelity.

In a statement from Jacobi CEO Martin Bednall, he underscored the progressive stance of the continent towards cryptocurrency investment products, which could potentially drive greater adoption:

"Seeing Europe take the lead over the U.S. in providing institutional investors with secure and regulated access to the advantages of digital assets through familiar structures like our ETF is truly exciting."

The debut of the Jacobi Bitcoin ETF comes shortly after the introduction of a Bitcoin Equities ETF on the Euronext Amsterdam exchange by Melanion Capital in June 2023. This ETF is tailored to track the Melanion Bitcoin Exposure Index, a bespoke collection of European and American stocks closely linked to BTC's market value.

Diverging from the spot ETF, this investment product allows investors to gain exposure to a fund comprising stocks from companies heavily invested in Bitcoin holdings, cryptocurrency exchanges, and mining operations.

Key entities in this fund include technology giant MicroStrategy, which holds over 140,000 BTC, along with major Bitcoin mining firms like Riot, Marathon Digital, and Hut8.

Europe celebrates the launch of its first-ever spot Bitcoin exchange-traded fund with the eagerly awaited arrival of Jacobi Asset Management's Jacobi FT Wilshire Bitcoin ETF.

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