Jacobi Asset Management is set to launch the Jacobi Bitcoin ETF, the first Bitcoin exchange-traded fund in Europe, on Amsterdam’s Euronext exchange.
Institutional and professional investors in Europe will be able to purchase Bitcoin through the ETF using the ticket BCOIN for a 1.5 percent yearly management fee. Fidelity Digital Assets and Flow Traders are reportedly an “integral part” of the soon-to-be-launched fund, according to Jacobi.
The ETF “will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure,” said Jamie Khurshid, CEO of Jacob Asset Management.
The firm that he co-founded in 2021, according to the former investment banker at Goldman Sachs, promises to “make digital asset investments simpler and more familiar for institutional and professional investors.”
The Jacobi Bitcoin ETF is positioned to become the largest Bitcoin ETF in the world with its launch in Europe and competitors already created in Canada and Brazil, who are in considerably smaller markets.
The US Securities and Exchange Commission (SEC) rejected Grayscale Investments’ proposal to convert its Bitcoin futures ETF into a spot ETF on Wednesday, giving Jacobi a competitive advantage over larger markets like the USA.
This puts the SEC chairperson Gary Gensler’s opinion of Bitcoin into greater perspective. Earlier in the week, on Monday, Gary Gensler, during an interview with Jim Cramer, emphasized that Bitcoin is the sole digital asset he recognized as a commodity.
This makes it clear that before pushing for the regulation of a spot Bitcoin ETF, the SEC expects the Commodities and Futures Trading Commission (CFTC) to oversee Bitcoin and put in place suitable Bitcoin structures.
Institutions including pension funds, mutual funds, and insurance firms may now have access to Bitcoin thanks to Jacobi’s move to establish a spot Bitcoin ETF in Europe.