Jacobi Asset Management is launching the first spot bitcoin exchange-traded fund (ETF) in Europe through Euronext Amsterdam, the largest exchange to host a spot bitcoin ETF, according to a report from Reuters.
The Jacobi Bitcoin ETF will have a 1.5% annual management fee and, furthermore, this will be a first for the Netherlands as this ETF will serve as its first primary listing of a digital asset fund.
“The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure,” said Jamie Khurshid, CEO of Jacobi Asset Management. “Our goal at Jacobi is to make digital asset investments simpler and more familiar for institutional and professional investors.”
Being a spot bitcoin ETF, the fund will hold bitcoin on balance and has partnered with Fidelity Digital AssetsSM to serve as the fund’s custodian, while Flow Traders and DRW will facilitate the fund as market makers.
“We are excited to be acting as lead market maker for Europe’s first Bitcoin ETF, which is another milestone in the development of the institutional digital assets space,” said Edd Carlton, institutional digital asset trader at Flow Traders. “This is also aligned with the growing demand from institutional investors who are looking to diversify their portfolios by adding Bitcoin and other digital assets.”
The impending ETF reportedly received regulatory approval from the Guernsey Financial Services Commission (GFSC) in October 2021 and is set to begin trading in July on the Amsterdam exchange under ticker symbol BCOIN.