First Spot Bitcoin ETF Goes Live in Europe With Interesting Twist

While the US SEC continues to reject or delay, at best, all spot Bitcoin ETF applications, such a product has seen the light of day in Europe.

Called the Jacobi FT Wilshire Bitcoin ETF, it will be the first similar product compliant with SFDR Article 8 through its decarbonization strategy.

• The press release dated August 15 informs that the spot Bitcoin ETF will be the brainchild of Jacobi Asset Management and Wilshire Indexes. It will be under the ticker BCOIN and has already been listed on Euronext Amsterdam.
• Jacobi said it had “implemented a verifiable built-in Renewable Energy Certificate (REC) solution which allows institutional investors to access the benefits of Bitcoin whilst also meeting ESG goals.”
• The ETF will be regulated by the Guernsey Financial Services Commission (GFSC). Fidelity Digital Assets will be the custodian, Flow Traders will serve as market makers, and Jane Street and DRW will be Authorized Participants.
• Wilshire Indexes’ CEO – Mark Makepeace, 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 eco.”

• Spot Bitcoin ETFs have launched in a couple of other countries in the past few years, including Brazil and Canada. However, the US securities watchdog – the SEC – continues to reject all applications for such a product.
• Nevertheless, the landscape can change soon as the world’s largest asset manager – BlackRock – filed for a spot Bitcoin ETF in mid-June.