While the US awaits the first Bitcoin ETF, a new one has been launched in Europe. This week, the BTC price hit above $63,000 for the first time since April, as the SEC gave the green light to Bitcoin ETF approvals. Now another major ETF approval comes from Europe.
Jacobi Asset Management wins Bitcoin ETF approval
The European market has gained a new Bitcoin exchange-traded fund (ETF) introduced by Jacobi Asset Management. According to a press release, the physically backed ETF has been authorized by the financial regulator in Guernsey, an island region under the United Kingdom (England). The firm plans to list the Jacobi Bitcoin ETF on Cboe Europe, one of the largest pan-European Stock exchanges. However, this will be subject to approval by the Financial Conduct Authority (FCA), the UK’s largest financial regulator. Specifically, Jacobi’s BTC-backed ETF will only be available to institutional investors.
Fidelity Digital Assets will provide custody services for the ETF, and Jacobi’s partner, Sigma Asset Management (Guernsey), will oversee the management of the fund. Jacobi’s Bitcoin ETF launch in Europe comes at a time when the broader crypto market is rallying in anticipation of the first US-based BTC ETF.
SEC may green light BTC ETFs!
According to a Bloomberg report, the Securities and Exchange Commission (SEC) could greenlight at least one BTC Futures ETF filed by financial firms that include ProShares, Invesco, VanEck and Valkyrie in the coming weeks.
Bitcoin ETFs (exchange-traded funds) and ETPs (exchange-traded products) are regulated investment instruments that track the value of an underlying asset or security. Such products have been authorized in countries such as Canada, Brazil and Dubai, Germany and Switzerland.
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