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- 1 Europe’s first spot Bitcoin ETF finally listed in Amsterdam.
- 2 The U.K.-based Jacobi listed Europe’s first spot Bitcoin ETF on Euronext Amsterdam.
Jacobi Asset Management has listed Europe’s first spot Bitcoin (BTC) exchange-traded fund (ETF) on Euronext, Amsterdam and was approved nearly after two years. Firstly, Jacobi won the approval for the fund in October 2021 with plans to list it in the previous year. Although the firm opted to push back its plans due to inopportune circumstances elsewhere in the digital asset market.
Jacobi and its Bitcoin ETF Listing
The Jacobi FT Wilshere Bitcoin ETF, regulated by the Guernsey Financial Services Commission (GFSC) now will trade under the ticker “BCOIN.” This listing means Europe will witness “a spot Bitcoin ETF traded before the U.S., despite dozens of applications to the Securities and Exchange Commission (SEC) in the last few years.”
According to Jacobi’s statement noted on August 15, 2023, Tuesday, “the custody for the fund is provided by Fidelity Digital Assets and trading firm Flow Traders operates as market maker.” Due to bad circumstances elsewhere in the crypto market such as the collapse of the Terra ecosystem and the bankruptcy of crypto exchange FTX, Jacobi opted to push back its plans.
Furthermore, the exchange-traded notes (ETNs), often cited by the umbrella term exchange-traded products (ETPs), are commonplace in the country. It must be noted that Jacobi’s offering is the first ETF. Whereas the ETF shareholders own a portion of the product’s underlying shares, while ETN investors own a debt security.
Jacobi further added that “its ETF cannot be leveraged or use derivatives, unlike ETNs. Whereas this listing means Europe will see a spot Bitcoin ETF traded before the America, despite lots of applications to the SEC in recent times, which all were rejected.”
It can be said that there is a renewed hope that the SEC would approve a spot Bitcoin fund. As the asset management firm, BlackRock (BLK) led a flurry of new applications featuring “surveillance-sharing” agreements designed to guard against market manipulation.
BTC Price Performance in A Year
According to CoinMarketCap, at press time, Bitcoin (BTC) is trading at $29,084.48 with a 24-hour trading volume of $13.56 Billion. BTC is down 0.86% in the last 24 hours with a current market cap of $565.95 Billion. Whereas in the last one year, BTC rose over 20% marking its one year high at $31,814.51, with one year low at $15,599.05.
As the above price chart shows, the bullish sentiment of BTC price has been witnessed since March of this year. From where, BTC price mostly traded bullish while also reaching its one year high price.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
