Europe launches first Bitcoin ETF while US still hesitates

17. 08. 2023 | Kristýna Bezděková

More than a year after its originally planned launch, Jacobi Asset Management is now officially launching the first spot Bitcoin Exchange-Traded Fund (ETF) in Europe. The fund is available on the Euronext exchange in Amsterdam.

Bitcoin ETF becomes a European reality
It can be found on the Euronext exchange under the listing symbol BCOIN. Their ETF is regulated by the Guernsey Financial Services Commission (GFSC). Fidelity Digital Assets is responsible for asset custody services. Market making will be facilitated by Flow Traders.
Martin Bednall, CEO of Jacobi Asset Management, said:

“It’s exciting to see Europe overtaking the US in opening up Bitcoin investment to institutional investors looking for safe and regulated access to the benefits of digital assets. Unlike other products in the European market, which are bonds, our fund owns the underlying assets directly. Jacobi is proud to have support from partners who are at the forefront of this digital market evolution, while bringing innovative and eco-friendly solutions to European investors.”

Investors own the shares of the company, not the debt product!
While exchange-traded products (ETPs), which include exchange-traded notes (ETNs), are widely used in Europe, Jacobi’s offering is the first ETF. Unlike ETN holders who own a debt product, ETF investors own shares in the underlying company. Jacobi stresses that their ETFs, unlike ETNs, do not use leverage or derivatives.

Mark Makepeace, CEO of Wilshire Indexes, highlighted the significance of this launch when he said:

“The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformational moment for the global financial industry. We are excited to partner with Jacobi and as leaders in the development of digital asset benchmarks at the institutional level, we are committed to supporting the accelerated progression of the entire digital ecosystem.”

While Europe launches its first spot Bitcoin ETF, the United States continues to delay it. Last week, the SEC delayed its decision to approve or deny an application to launch a spot Bitcoin ETF from Cathie Wood’s ARK Invest, leaving many investors wondering when such a fund would actually be approved.


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Author of this article

Kristýna Bezděková

Kristýna is a student of marketing and communication in an undergraduate program. She writes and translates content into the Czech language


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