In Brief:
- Jacobi has received approval to launch the world’s first “tier 1” bitcoin ETF.
- In Europe, Jacobi Bitcoin ETF is the only regulated crypto product that is approved as an ETF.
- It requires a minimum investment of $100,000.
Jacobi Asset Management announced that it has received approval to launch what the firm calls the world’s first “tier 1” bitcoin exchange-traded fund (ETF).
Jacobi said the fund has been approved by the Guernsey Financial Services Commission (GFSC). The fund will be listed on the euro-based Cboe Europe exchange. However, the approval by the UK’s Financial Conduct Authority (FCA) is pending.
Jacobi describes the ETF as a “centrally cleared crypto-backed financial instrument” that will be custodied by Fidelity Digital Assets.
This ETF is fully regulated, and the firm has been working for more than 9 months to secure regulatory approval. The firm says it will be the first global ETF that invests exclusively in Bitcoin joining only two others worldwide in Canada and Brazil.
The Jacobi website explains on its FAQ page that ETFs are different from ETPs like exchange-traded notes (ETNs) and exchange-traded commodities (ETCs) because of their structure, settlement, regulation, and liquidity.
In Europe, none of the ETPs are regulated since all of them are ETNs. Jacobi Bitcoin ETF is
In Europe, none of the ETPs are regulated since all of them are ETNs. Jacobi Bitcoin ETF is the only regulated crypto product that is approved as an ETF.
A Jacobi bitcoin ETF requires a minimum investment of $100,000 and is only available to institutional, professional, and sophisticated investors.
