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First spot bitcoin ETF approved to launch in Europe in July

 


Jacobi Asset Management has announced that it will launch a European spot bitcoin ETF in July. The exchange traded fund will be called Jacobi Bitcoin ETF and will be listed on Euronext Amerstdam. European institutional and professional investors will be able to invest in Bitcoin through the ETF for an annual management fee of 1.5% under the symbol BCOIN .


Why a Spot Bitcoin ETF?

Founded in 2021, Jacobi Asset Management is led by CEO Jamie Khurshid, a former Goldman Sachs investment banker. The company consists of "a diverse team of blockchain, technology, investment and regulatory professionals" with a history in digital wealth management.


Khurshid commented that the ETF "will allow investors to access the underlying performance of this exciting asset class through an established and trusted investment structure." Jacobi aims to “make investing in digital assets easier and more familiar for institutional and professional investors.”


According to Jacobi, Fidelity Digital Assets and Flow Traders are reportedly an "integral part" of the fund.


Edd Carlton, an institutional digital asset trader at Flow Traders, stated that the listing of a spot Bitcoin ETF "aligns with growing demand from institutional investors." Calls for a bitcoin spot ETF have been loud in the US for years.


So far, however, only Canada, Brazil and Jersey have launched spot ETFs, which are much smaller than most US ETFs. Building on the spot ETFs in smaller markets, the Jacobi Bitcoin ETF will be the largest spot bitcoin ETF in the world.


Overall, European investors don't have the same variety of ETFs as US investors; only “15 and 20 percent of retail investors in Europe use ETFs compared to about 40 percent of their US counterparts.” As a result, the trading volume of ETFs in Europe is lower.

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