The first Bitcoin spot ETF went live on an Amsterdam-based stock exchange, Euronext Amsterdam. The Jacobi FT Wilshire Bitcoin ETF by Jacobi Asset Management is the only regulated exchange-traded fund in Europe, and the fund itself owns Bitcoin.
Trading under the symbol BCOIN, this ETF is entrusted to Fidelity Digital Assets for custodial duties. Noteworthy collaborators include Flow Traders, who assume the role of market makers, while Jane Street and DRW step in as authorized participants.
Beyond that, the Jacobi FT Wilshire Bitcoin ETF stands out for its commitment to environmental, social, and governance [ESG] principles. It presents environmentally conscious ETF buyers with a unique opportunity to integrate BTC into their investment portfolios while also subjecting its environmental claims to rigorous independent audits.
An inventive approach to environmental impact is the cornerstone of Jacobi’s initiative. Unlike typical carbon-offsetting strategies, Jacobi quantifies the electricity consumption attributed to Bitcoin within the ETF. It proceeds to purchase equivalent Renewable Energy Certificates [RECs], which signify clean power procurement. This transparent process is recorded on a blockchain, presenting irrefutable proof of RECs.
In an interview, Martin Bednall, the Chief Executive officer, disclosed that the ETF garnered the necessary initial capital investment to commence operations on August 3rd. Remarkably, this launch arrives after a prolonged period of anticipation that extended over a year, given the initially projected debut in July 2022.
Bitcoin ETF In the US
European progress stands in contrast to the United States, where spot ETF applications have met resistance due to concerns of market manipulation and insufficient trading surveillance. Bednall acknowledges Europe’s forward movement in providing institutional investors with secure access to digital asset benefits through regulated structures like the ETF.
It is exciting to see Europe moving ahead of the US in opening up BTC investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF.
The debut of the Jacobi FT Wilshire Bitcoin ETF resonates across the international stage, showcasing Europe’s pioneering approach. It also comes as the U.S. Securities and Exchange Commission [SEC] once again deferred the approval of the Ark 21Shares BTC ETF, marking yet another disappointment for American BTC investors.