- Europe’s first Bitcoin ETF launched yesterday right as the SEC delayed more U.S. applications
- The Jacobi FT Wilshire Bitcoin ETF is now active, managed by Fidelity Digital Assets
- The SEC will have to decide on multiple US ETF applications between now and March 2024
A Bitcoin ETF launched yesterday, but it’s not the one that everyone is waiting for. London-based firm Jacobi Asset Management yesterday announced the product’s listing on Euronext Amsterdam having received approval from the Guernsey Financial Services Commission in October 2021, marking Europe’s first Bitcoin ETF. The launch came just days after the US Securities and Exchange Commission (SEC) postponed its decision on the Ark Invest Bitcoin ETF application, delaying a final decision until January.
Bitcoin ETF Delayed After Crypto Market Turmoil
Jacobi’s Bitcoin ETF was supposed to launch shortly after it attained its license, but it decided to hold off following the chaos in the crypto ecosystem in late 2021. The Jacobi FT Wilshire Bitcoin ETF has finally entered the market under the trading symbol BCOIN, however, with Fidelity Digital Assets entrusted with custodial services and Flow Traders assuming the role of market maker.
What sets the Jacobi FT Wilshire Bitcoin ETF apart is its alignment with sustainable finance principles; the fund boasts the distinction of being the first decarbonized digital asset fund compliant with Article 8 of the European Sustainable Finance Disclosure Regulation, which pertains to funds promoting environmental and social objectives.
In a strategic partnership with digital asset platform Zumo, Jacobi has implemented an innovative Renewable Energy Certificate solution, a solution which empowers institutional investors to engage with Bitcoin while simultaneously fulfilling their Environmental, Social, and Governance objectives.
US Applications Delayed
The launch of Europe’s first Bitcoin ETF came the same shortly after the SEC kicked the can down the road on the Ark Invest application. Ark’s application will now be finally ruled on in January 2024, although the Bitwise Bitcoin ETP Trust will have to be approved or denied before then, on September 1.
Approval or disapproval of a glut of applications from BlackRock, VanEck, Fidelity, Valkyrie and more could come as late as March 2024. The SEC has the option to delay rulings for 240 days, something it has always used to date, and so we shouldn’t expect any quick decisions.
