Europe's First Bitcoin ETF

[zasad@]

For the second time, Europe overtakes the USA. First the MICA law and then the first exchange-traded fund (ETF).

https://decrypt.co/148433/jacob-asset-management-launch-europe-first-bitcoin-etf
"Europe has beaten the U.S. with the roll-out of the first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management today announced the product's listing on Euronext Amsterdam.

After receiving approval from the Guernsey Financial Services Commission (GFSC) in October 2021, the firm initially planned to launch its Bitcoin ETF product last year.

It, however, decided to postpone the launch, deeming it an inopportune time due to the collapse of the Terra ecosystem and the bankruptcy of the FTX crypto exchange.

Today, the Jacobi FT Wilshire Bitcoin ETF is finally live, trading under the ticker BCOIN. It charges investors a 1.5% annual management fee."

____
Under pressure from institutional investors, the spot Bitcoin ETF is likely to be in the US next year.

[1715274346]

1715274346

[Baofeng]

For the second time, Europe overtakes the USA. First the MICA law and then the first exchange-traded fund (ETF).

https://decrypt.co/148433/jacob-asset-management-launch-europe-first-bitcoin-etf
"Europe has beaten the U.S. with the roll-out of the first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management today announced the product's listing on Euronext Amsterdam.

After receiving approval from the Guernsey Financial Services Commission (GFSC) in October 2021, the firm initially planned to launch its Bitcoin ETF product last year.

It, however, decided to postpone the launch, deeming it an inopportune time due to the collapse of the Terra ecosystem and the bankruptcy of the FTX crypto exchange.

Today, the Jacobi FT Wilshire Bitcoin ETF is finally live, trading under the ticker BCOIN. It charges investors a 1.5% annual management fee."

____
Under pressure from institutional investors, the spot Bitcoin ETF is likely to be in the US next year.

Yeah, and perhaps United States is just watching in the sideline and see what will it bring to the market though. And again, it just shows the difference between the government in EU as compare to the US which seems to be very strict or at least there is some political motivation behind not to approved any Bitcoin ETF for that matter.

And for us Bitcoin enthusiast, for sure majority is excited how everything will turn out in the side of the globe.
Just another baby steps but for sure the effect will be huge for us in the future.

[Fiatless]

Although I am not a die-hard fan of spot ETF it is good news from Europe. Investors are giving more attention to the spot bitcoin ETF approval applications in the US because of the large US crypto market and the financial base of the firms involved. As of August 17, 2023, BlackRock's net worth is about $100.63B. The postponement of the approval is one of the factors that affected the price negatively. Jacobi FT Wilshire Bitcoin ETF is a worthy consolation to the Bitcoin community. It seems Gary Gensler has not changed his negative perception of bitcoin. Maybe the positive impact of these Spot ETFs on the European economy can make him reconsider his strictness. Let's see how the crypto market will grow without these spot ETF hypes.

[Poker Player]

Yeah, and perhaps United States is just watching in the sideline and see what will it bring to the market though. And again, it just shows the difference between the government in EU as compare to the US which seems to be very strict or at least there is some political motivation behind not to approved any Bitcoin ETF for that matter.

I don't know if there is any political motivation behind it, as it is not only Europe, in Canada they have had Bitcoin ETFs for two and a half years now:

In Canada, Spot Bitcoin ETFs Have Been Working for Years

It seems Gary Gensler has not changed his negative perception of bitcoin.

 

Where did you get that from?

He defends that Bitcoin is a commodity while the rest of shitcoins are securities, I don't see that as a negative perception of Bitcoin.

[zasad@]

For the second time, Europe overtakes the USA. First the MICA law and then the first exchange-traded fund (ETF).

https://decrypt.co/148433/jacob-asset-management-launch-europe-first-bitcoin-etf
"Europe has beaten the U.S. with the roll-out of the first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management today announced the product's listing on Euronext Amsterdam.

After receiving approval from the Guernsey Financial Services Commission (GFSC) in October 2021, the firm initially planned to launch its Bitcoin ETF product last year.

It, however, decided to postpone the launch, deeming it an inopportune time due to the collapse of the Terra ecosystem and the bankruptcy of the FTX crypto exchange.

Today, the Jacobi FT Wilshire Bitcoin ETF is finally live, trading under the ticker BCOIN. It charges investors a 1.5% annual management fee."

____
Under pressure from institutional investors, the spot Bitcoin ETF is likely to be in the US next year.

Yeah, and perhaps United States is just watching in the sideline and see what will it bring to the market though. And again, it just shows the difference between the government in EU as compare to the US which seems to be very strict or at least there is some political motivation behind not to approved any Bitcoin ETF for that matter.

And for us Bitcoin enthusiast, for sure majority is excited how everything will turn out in the side of the globe.
Just another baby steps but for sure the effect will be huge for us in the future.

I looked up information about ETFs in Canada, but I had a different theory. I thought that now the manipulators are buying up bitcoins in order to start selling them during the mass launch of ETFs in the US and Europe.
Market participants have long needed an affordable spot bitcoin ETF to diversify their investments.

[Baofeng]

Yeah, and perhaps United States is just watching in the sideline and see what will it bring to the market though. And again, it just shows the difference between the government in EU as compare to the US which seems to be very strict or at least there is some political motivation behind not to approved any Bitcoin ETF for that matter.

I don't know if there is any political motivation behind it, as it is not only Europe, in Canada they have had Bitcoin ETFs for two and a half years now:

In Canada, Spot Bitcoin ETFs Have Been Working for Years

It seems Gary Gensler has not changed his negative perception of bitcoin.

 

Where did you get that from?

He defends that Bitcoin is a commodity while the rest of shitcoins are securities, I don't see that as a negative perception of Bitcoin.

I was referring to this,



https://twitter.com/EleanorTerrett/status/1656362002577772544

So in essence, US Democrats are anti-crypto and US Republicans are pro-crypto and supporter.

For me Gary Gensler as long as he is align with the Dems and still be the the Chair of SEC, we might not see any ETF being approved in the US, in my opinion.

[pawel7777]

Guernsey is not part of the EU, or even UK, so I expect the access to that ETF will be pretty limited for an average retail investors.
This article: https://www.etfstream.com/articles/jacobi-am-s-bitcoin-etf-marketing-masterstroke kind of confirms that:

It is important to note that only professional investors in the UK and Netherlands with over $100,000 can access the bitcoin ETF, which is an alternative investment fund (AIF), and it will not enjoy the same distribution rules as other UCITS ETFs or exchange-traded products (ETPs).

Nevertheless, it's a step in the right direction.

[Majestic-milf]

Guernsey is not part of the EU, or even UK, so I expect the access to that ETF will be pretty limited for an average retail investors.
This article: https://www.etfstream.com/articles/jacobi-am-s-bitcoin-etf-marketing-masterstroke kind of confirms that:

It is important to note that only professional investors in the UK and Netherlands with over $100,000 can access the bitcoin ETF, which is an alternative investment fund (AIF), and it will not enjoy the same distribution rules as other UCITS ETFs or exchange-traded products (ETPs).

Nevertheless, it's a step in the right direction.

Well, it's true that it'll only be accessible by a select few but with the media coverage and popularity it's gaining, it's retail availability could extend, right? But then again, after it's launch last year, it got a lot of backlash from crypto ETP issuers who regarded the move as one solely bent on getting "PR advantage". I feel Gary Gensler will let this one upping by Europe slide, especially as the he has chosen to be on the fence concerning the decision to approve a spot ETF in the US.

[joniboini]

Well, it's true that it'll only be accessible by a select few but with the media coverage and popularity it's gaining, it's retail availability could extend, right?

I don't think publicity is going to affect availability that much for products like this. It is not impossible of course, but most considerations are usually related to the product itself (volatility, risk exposure, etc). Retail is probably not the main target for a product like this anyway.

[dansus021]

Well I dont know what exactly the US thinking about crypto but another example is my country is "Indonesia Makes Bold Move on Crypto Adoption With Opening of National Exchange" - https://beincrypto.com/indonesia-opens-national-crypto-exchange/

meanwhile in other countries - "Hong Kong shows desire to be crypto hub with new regulation" - https://techcrunch.com/2023/02/20/hong-kong-crypto-regulation/