Jacobi Asset Management wins approval to launch Bitcoin ETF in Europe

Jacobi Asset Management получила approval from the Guernsey Financial Services Commission to launch a Bitcoin-based exchange-traded fund (ETF).

Fidelity Digital Assets acted as the custodian for the digital assets.

Jacobi intends to list the ETF on the pan-European exchange Cboe Europe after listing approval from the UK Financial Conduct Authority.

“This is an exciting moment for Europe, as regulatory approvals are coming earlier than the expected decision from the U.S. Securities and Exchange Commission (SEC),” said Jamie Hurshid, the CEO of Jacobi.

The firm described its product as a ‘tier-one ETF’, citing the level of its partners.

“The Jacobi Bitcoin ETF will fully bring digital assets into the main investment infrastructure with the backing of leading firms we work with. It will give investors the opportunity to participate directly in physically settled bitcoin,” said Roy McGregor, the chairman of the company.

Until listing is approved by the regulator, investments in the ETF will be routed through Sigma Asset Management, a fund management firm registered on the island of Guernsey. Midshore Consulting will provide advisory support for the ETF.

The minimum investment will be $100,000. The fund will be open only to institutional, professional and experienced investors.

In October, the SEC quietly approved the launch of a Bitcoin futures ETF from ProShares.