Launch of Europe’s First Spot Bitcoin ETF on Euronext Amsterdam
Europe’s first spot Bitcoin ETF has been launched on Euronext Amsterdam by London-based Jacobi Asset Management, nearly two years after receiving approval.
The Jacobi FT Wilshere Bitcoin ETF, regulated by the Guernsey Financial Services Commission (GFSC), will trade as “BCOIN.”
Custodial services are provided by Fidelity Digital Assets, with Flow Traders acting as the market maker.
Originally approved in October 2021 for a 2022 listing, Jacobi delayed its launch due to adverse developments in the digital asset space, including the Terra ecosystem’s collapse and FTX crypto exchange’s bankruptcy.
We covered the expectations of the listing in this article.
The ETF also incorporates an eco-friendly aspect by integrating renewable energy certificates (RECs) to showcase its environmentally conscious nature.
The ETF uses external data to measure Bitcoin network energy consumption, utilizing RECs logged on a blockchain to validate the fund’s sustainable claims.
Using the FT Wilshire Bitcoin Blended Price Index, BCOIN provides investors with access to real-time average Bitcoin prices from selected cryptocurrency exchanges. This spot ETF allows investors to engage with the Bitcoin market without direct ownership of the underlying asset.
The launch of Europe’s first spot Bitcoin ETF is a significant milestone, contrasting with the United States, where regulators have yet to approve similar applications from major asset managers like BlackRock and Fidelity.
According to CoinTelegraph, CEO Martin Bednall emphasized Europe’s progressive stance toward cryptocurrency investment products as a driving force for wider adoption:
“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.”
Bednall also told Decrypt that “this fund has been designed to give institutional investors a simple, secure, and transparent access to Bitcoin whilst addressing their sustainability requirements… We believe this ETF launch will be the catalyst for institutional adoption of digital assets.”
Additionally, according to CryptoPotato, Mark Makepeace, CEO of Wilshire Indexes, commented:
“The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership 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.”
This ETF aims to mirror the Melanion Bitcoin Exposure Index, a bespoke collection of European and American stocks closely associated with BTC’s market value. Unlike the spot ETF, this variant offers investors access to the fund, which consists of stocks from enterprises heavily invested in Bitcoin, cryptocurrency exchanges, and mining activities.
Ten years ago, the Winklevoss twins-led cryptocurrency exchange Gemini pioneered the pursuit of a Bitcoin ETF in the United States. However, American investors are still awaiting the launch of such a product.
The U.S. Securities and Exchange Commission (SEC) has consistently turned down or postponed all submitted applications, citing concerns like market manipulation.
Nonetheless, there is renewed optimism that regulatory approval for a U.S. Bitcoin ETF may finally materialize, following years of rejections. A fresh wave of applications has recently been submitted to the SEC. This started with the entry of Wall Street powerhouse BlackRock into the sector last month, followed by additional filings from major players such as Fidelity, Valkyrie, and Invesco, among others.
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