Digital Assets: A Sustainability-Focused Spot Bitcoin ETF Launches In Europe
With Jacobi, Europe has taken the lead on listing a spot bitcoin ETF. Across the pond in the US, the SEC is still dragging its feet on approving such a vehicle.
London-based Jacobi Asset Management has launched today Europe’s first Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam, ahead of the U.S. The Jacobi FT Wilshire Bitcoin ETF, trading under the ticker BCOIN, charges a 1.5% annual management fee and is listed on Euronext Amsterdam. Fidelity Digital Assets serves as custodian, while Flow Traders acts as market maker, with authorized participants including Jane Street and DRW.
This ETF is also the first decarbonized digital asset fund compliant with Article 8 of the European Sustainable Finance Disclosure Regulation (SFDR), promoting environmental and social objectives. Jacobi collaborated with digital asset platform Zumo to introduce a verifiable Renewable Energy Certificate (REC) solution, enabling institutional investors to engage in Bitcoin transactions while fulfilling Environmental, Social, and Governance (ESG) goals. The REC solution validates the use of renewable energy sources, contributing to the fund’s overall decarbonization efforts. (Decrypt)
As an open-ended fund, Jacobi’s Bitcoin ETF departs from the traditional exchange-traded notes (ETNs), introducing a shift towards ETF ownership structures with more regulatory oversight. Jacobi CEO Martin Bednall said the ETF would catalyze institutional adoption of digital assets, offering secure and transparent access to Bitcoin while aligning with sustainability requirements.
The launch of Europe’s first Bitcoin ETF also places European investors ahead of their American counterparts in gaining access to this sought-after product. The U.S. Securities and Exchange Commission (SEC) has consistently rejected or postponed Bitcoin ETF applications, citing concerns about market manipulation.
However, recent filings by notable players like BlackRock, Fidelity, Valkyrie, and Invesco have raised hopes for eventual regulatory approval of a Bitcoin ETF in the U.S.
Furthermore, according to analysts, the legal decision regarding the Grayscale Bitcoin ETF could take place this week. Speculators anticipate that the upcoming verdict on the Grayscale Bitcoin ETF could have repercussions for the broader landscape of ETFs focused on Bitcoin, pending the SEC’s approval.
In a tweet dated August 11, Scott Johnsson, a general partner at Van Buren Capital, elaborated on how the rotation of law clerks within the United States District Courts usually occurs in August. This transition often prompts judges to expedite the resolution of pending cases “before the new guard takes over.”
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