Jacobi Asset Management today listed Europe’s first spot Bitcoin ETF on Euronext Amsterdam – claiming to represent the first decarbonised digital asset fund compliant with SFDR Article 8.
The ETF, regulated by the Guernsey Financial Services Commission (GFSC), trades under the ticker BCOIN. Custodial services are provided by Fidelity Digital Assets, with Flow Traders operating as market makers and Jane Street and DRW as Authorised Participants. The fund benchmark, the FT Wilshire Bitcoin Blended Price Index, is provided by Wilshire Indexes with the REC solution created in collaboration with digital asset platform, Zumo.
The move marks the next step forward for Europe’s fledgling digital assets industry. Although the US’ SEC offered a recent ray of hope when it accepted six spot ETF proposals for review last month, the regulator (led by chairman Gary Gensler) has emphasised a cautious approach when it comes to crypto. Could this represent a competitive edge for European providers?
“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF,” said Jacobi CEO Martin Bednall. “Unlike other products in the European market which are debt instruments, our fund owns the underlying asset directly.
The Jacobi FT Wilshire Bitcoin ETF offers an ESG-aligned digital asset solution where environmentally conscious ETF buyers can consider Bitcoin within their investment portfolio, as well as independently audit the environmental claims. Jacobi’s solution differs from carbon offsetting products by quantifying the electricity consumption attributable to Bitcoin in the ETF and purchasing equivalent RECs, the standardised instrument for procuring clean power. This provides digital proof of RECs, transparently recorded on a blockchain. The ETF is supported by Tier 1 partners that Bednall describes as “at the forefront of this digital asset market evolution”.
Mark Makepeace, CEO of Wilshire Indexes, commented: “The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership with Jacobi and, as a leader in the development of institutional grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”
Kirsteen Harrison, Environmental Manager, Zumo, commented: “The decarbonisation of crypto is one of the most pressing challenges facing the nascent digital assets sector, and there is increasing pressure on all businesses to have credible plans to decarbonise. We’ve been working closely with Jacobi Asset Management to help them build out an ESG-aligned, future-proofed crypto offering for their customers. It’s hugely exciting to see it come to life in the shape of Europe’s first Bitcoin ETF. We’re creating the investment products of tomorrow – what a moment for the industry.”
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