Marking a significant milestone for the industry, Europe has introduced its inaugural Spot Bitcoin ETF, named the Jacobi FT Wilshere Bitcoin ETF. This service adheres to regulatory standards set by the Guernsey Financial Services Commission (GFSC) and has now been listed on Euronext Amsterdam after receiving approval two years ago.
This event signifies Europe's debut in the spot Bitcoin ETF sector, diverging from the United States where numerous companies have submitted applications. In contrast, Jacobi secured approval for its fund in October 2021. Although the firm initially intended to launch in 2022, unforeseen circumstances prompted a delay in the launch date.
In recent months, spot Bitcoin ETFs have dominated discussions within the digital asset sector. Numerous applications, spanning both digital asset firms and traditional financial entities, have underscored the growing significance of this offering in the US. Now, Europe has entered the fray with the official launch of its inaugural spot Bitcoin ETF.
The introduction of The Jacobi FT Wilshere Bitcoin ETF is undoubtedly a historic moment for the industry. Adding to the significance, this regulated listing will trade under the ticker symbol 'BCOIN,' marking a notable milestone for digital assets within the continent.
Jacobi has revealed that custodial services will be overseen by Fidelity Digital Assets, while also announcing Flow Traders as the designated market maker, according to a press release issued recently.
The green light for Jacobi's spot Bitcoin ETF was originally granted in 2021. Initial intentions were to launch the ETF in 2022. However, these plans were postponed due to prevailing market conditions within the industry, notably influenced by the challenges faced by Terra and crypto exchange FTX.
The United States is currently progressing towards the possibility of approving its inaugural spot Bitcoin ETF. Numerous applications have been submitted to the US Securities and Exchange Commission (SEC). However, the outlook for approval in the country remains uncertain with no clear indications of a forthcoming decision.
Ramos, J. (2023) Europe launches First Spot Bitcoin ETF, Watcher Guru. Available at: https://watcher.guru/news/europe-launches-first-spot-bitcoin-etf (Accessed: 15 August 2023).