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Europe’s first spot Bitcoin (
$74,709.00 ) (BTC) exchange-traded fund (ETF) is set to debut later this year after a year-long delay. The Bitcoin ( $74,709.00 ) ETF by Jacobi Asset Management, a London-based multi-asset investment platform, was set to debut on the Euronext Amsterdam Exchange under the ticker BCOIN in July 2022.
However, unprecedented market conditions aided by the collapse of the Terra-Luna ecosystem in May and FTX collapse in November last year forced the asset manager to postpone the listing. The Jacobi Bitcoin ( $74,709.00 ) ETF received approval from the Guernsey Financial Services Commission (GFSC) to launch its Bitcoin ( $74,709.00 ) ETF in October 2021.
The asset manager told the Financial Times that they have decided to launch the ETF now because they have seen a gradual shift in demand compared to the last summer. The asset manager told Cointelegraph that they are still assessing the launch and will share a date soon.
The Jacobi Bitcoin ( $74,709.00 ) ETF is a centrally cleared crypto-backed financial instrument with custody supported by Fidelity Digital Assets, a major shift from the usual exchange-traded notes (ETNs). In Europe, all of the crypto-backed traditional financial instruments were structured as ETNs, rather than funds.
The major difference between an ETN and an ETF is that the ETF shareholder owns a portion of the fund’s underlying assets, while ETN investors own debt security. ETFs, unlike ETNs, cannot be leveraged or use derivatives, which could otherwise lead to market manipulation risks.
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While Europe approved its first spot Bitcoin ( $74,709.00 ) ETF in October, the United States Securities and Exchange Commission (SEC) has rejected all spot Bitcoin ( $74,709.00 ) ETFs to date. However, in 2023 alone nearly half a dozen institutional giants including the likes of BlackRock and Fidelity have filed fresh spot Bitcoin ( $74,709.00 ) ETF applications in hopes of becoming the first U.S approved spot BTC ETF. The SEC has already approved a couple of futures Bitcoin ( $74,709.00 ) ETFs in 2021.
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