Amsterdam, August 15, 2023 – London-based digital asset management firm Jacobi asset management officially announced the launch of europe’s first bitcoin exchange-traded fund (ETF). The ETF is exchange-traded under the symbol “Bcoin” and tracked by the melanion bitcoin exposure index, an index that combines bitcoin-related stocks from europe and america.
From Europe and the Americas. This launch marks a historical point for the european cripto market, with this, the european country has succeeded the United States in the competition to get the first bitcoin etf.
The bitcoin ETF was previously approved by the guernsey financial services commission in october 2021, but its launch was delayed until 2022 due to unfavorable crypto asset market conditions, including the terra ecosystem crisis and the bankruptcy of FTX crypto exchange. The fund, which carries the concept of an exchange-traded fund, provides investors with the opportunity to gain exposure to a range of bitcoin-related assets.
Jacobi asset management works with Fidelity digital assets to provide custody of the fund, while flow traders trading company acts as a market maker. The ETF charges investors an annual management fee of 1.5%. In addition, Jacobi asset management emphasizes its commitment to sustainability by adding renewable energy certificates (recs) to this ETF.
The ETF’s environmentally friendly approach is realized through the use of external data to calculate the energy consumption of the bitcoin network. The ETF will purchase and retire recs to compensate for energy consumption, and all these transactions will be recorded on the blockchain platform, allowing investors to verify the fund’s green efforts.
However, in the United States, the situation is different. U.S. Regulators are still constrained in allowing some spot bitcoin ETF applications as they are undertaking stricter regulation of major crypto exchanges.
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