After 12 months of the planned launch, Jacobi Bitcoin ETF revealed that the first spot BTC ETF in Europe is about to see daylight.
The first spot Bitcoin ETF is finally launching this month after experiencing a year-long delay. London-based multi-asset investment platform Jacobi Asset Management got the green light from the Guernsey financial regulator in October 2021 to launch its Jacobi Bitcoin ETF on Euronext Amsterdam in July 2022. The firm announced that the spot Bitcoin ETF will trade under the ticker “BCOIN”. At the time, CEO Jamie Khurshid noted that the Jacobi Bitcoin ETF would give investors access to the exciting features of BCOIN through a trusted investment vehicle in Europe.
Although Jacobi Asset Management was set to unveil the first spot Bitcoin ETF in Europe last year, the multiple collapses in the crypto space caused the delay. The unexpected fall of the Terra ecosystem and the dramatic demise of FTX, which led to unfavorable market conditions, forced the asset manager to suspend the listing.
Jacobi to Launch First Spot Bitcoin ETF in Europe
After 12 months of the planned launch, Jacobi Bitcoin ETF revealed that the first spot Bitcoin ETF in Europe is about to see daylight. The asset manager told Financial Times that the fund is “on track” to launch this month, following the decision to postpone last year’s unveiling as “the time wasn’t right”.
Jacobi has always emphasized that it is rolling out an ETF and not an exchange-traded note. Meanwhile, digital assets exchange-traded products in Europe have been structured as exchange-traded notes rather than funds. According to the co-founder and chief operating officer of Jacobi, note issuers misuse the term- ETF and BCOIN will be the first Bitcoin ETF on Euronext. He said:
“There has been so much misinformation and misuse of the term ETF by [ETN] issuers, presumably to obfuscate the risks that are inherent in acquiring and investing in ETNs.”
In addition, Jacobi said the first spot Bitcoin ETF in Europe cannot use derivatives or be leveraged like ETNs.
A partner in offshore law firm Carey Olsen, David Crosland, referred to Guernsey as a place that provides “a number of advantages” to support the launch of Bitcoin funds. He also noted that the second-largest Island in the Channel Islands is able to back the ETF.
“As a specialist fund servicing jurisdiction that is not subject to the inherent inflexibilities of being an EU member, Guernsey was able to move quickly to adapt to support this launch. [Guernsey’s] flexibility and willingness to understand the complex details has allowed the promoter to launch a fund vehicle that benefits from regulated fund status when other European jurisdictions are unable to do so.”
Jacobi Asset Management said Fidelity Digital Assets will offer custodial services for the first spot Bitcoin ETF in Europe.
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