While bears are reigning supreme on the crypto market, various investment organizations are still firing up ETFs, showing that not all hopes are lost.
Jacobi Asset Management, a London-based investment platform, has recently stated that it would roll out its first Bitcoin (BTC) exchange-traded fund (ETF), dubbed BCOIN, in July.
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According to the official announcement issued on June 30th, the ETF will make its entrance on the Euronext Amsterdam Exchange, the largest pan-European equity market founded in 2000. As stated by the CEO of Jacobi Jamie Khurshid, BCOIN will be the first-ever spot BTC ETF rolled out in Europe. He added:
“Our product is the first spot or physical-backed Bitcoin fund, and the fund is not allowed to lend, stake or leverage any of the assets it owns. For the first time in Europe, investors buying an exchange-traded Bitcoin product will own the units that own the Bitcoin.”
Fidelity Digital Assets, a subsidiary of Fidelity Investments that offers enterprise-grade execution solutions for institutional traders, will reportedly provide custodial services. On top of that, DRW and Flow Traders will serve as market makers to facilitate trading.
More notably, Kenney Van der Laan, an Amsterdam-based independent law company founded in 1992, assisted the ETF in complying with legal matters and participating in various listing processes.
One of the attorneys working at the company, Emanuel van Praag, mentioned that BCOIN is a “proud achievement.” Likewise, he praised Jacobi for recruiting the legal firm as a partner in their endeavor to launch the first ETF in Europe.
The report also read that the EU’s professional and institutional investors and traders will have the possibility to access BCOIN for a 1.5% annual management fee. Although the ETF is expected to see the light of day next month, Euronext didn’t reveal the exact date when it would be arriving on the exchange.
However, it seems as though some companies are having their fair share of troubles launching new Bitcoin spot exchange-traded funds (ETFs) as the US Securities and Exchange Commission (SEC) is on a killing spree. Last week, the SEC issued an announcement stating that it wouldn’t give the green light to list Grayscale’s BTC ETF. Yesterday, the investment firm filed a lawsuit against the agency.
Even earlier in June, One River’s ETF, called The One River Carbon Neutral Bitcoin Trust, was also rejected, with SEC indicating that the initiative failed to provide protection for traders, as well as to ensure that illegal acts would be prevented.
