Jacobi Asset Management, a London-based multi-asset investment manager, recently announced it had received approval from the Guernsey Financial Services Commission (GFSC) to launch Europe’s first Bitcoin ETF (exchange-traded fund).
Bullish News For Institutional Investors
Jacobi announced on October 15 that it had the go-ahead to launch what it calls a “first tier one” Bitcoin ETF, thus termed to reflect the high-profile partners supporting it:
As per the press release, Jacobi plans to list the fund on Cboe Europe, one of the largest pan-European equity exchanges, while it’s pending for approval by the Financial Conduct Authority (FCA).
The fund will be open only to institutional investors once it goes live, with a 1.5 percent management fee. Fidelity Digital Assets will be the custodian of the fund, giving investors enterprise-grade custody to safely invest in digital assets.
Bitcoin ETFs Are Now a Reality
Bitcoin Exchange-Traded Funds were thought of as something impossible in the infancy of the crypto industry, but now we have several countries hosting them. The first countries to do so were Canada (which now has three BTC ETFs) and Brazil.
Jacobi was launched in May 2021 and is directed by CEO Jamie Khurshid, a former Goldman Sachs investment banker. Talking about the fund, Khurshid said:
We are excited to be launching a new secure, transparent and accessible product to track the performance of Bitcoin. This is an exciting moment for Europe as regulatory approval comes ahead of those waiting for a decision from the US Securities and Exchange Commission.
Jamie Khurshid, CEO, Jacobi Asset Management
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