Europe’s First Bitcoin ETF to Finally Launch
After facing significant delays, Europe’s first spot Bitcoin exchange-traded fund (ETF) is expected to launch later this year. Jacobi Asset Management, a London-based multi-asset investment platform, plans to debut its Bitcoin ETF on the Euronext Amsterdam exchange.
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Originally scheduled for July 2022, the listing was postponed due to market volatility caused by the collapse of the Terra ecosystem and the FTX collapse.
Despite the setbacks, Jacobi Asset Management has now decided to proceed with the launch, citing a gradual shift in demand compared to the previous year. The asset manager is currently evaluating the launch and will announce a specific date in due course.
What sets the Jacobi Bitcoin ETF apart is its central clearing and custody structure, supported by Fidelity Digital Assets.
Unlike previous crypto-backed financial instruments in Europe, which were structured as exchange-traded notes (ETNs), this ETF provides a new approach to crypto investment.
An important distinction between an ETN and an ETF lies in the ownership structure. Shareholders in an ETF have ownership of the fund’s underlying assets, while ETN investors hold a debt security. ETFs do not allow for leverage or the use of derivatives, which helps mitigate potential risks associated with market manipulation, a feature that sets them apart from ETNs.
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