Europe Beats US To The Spot ETF Punch
While the ETF is not expected to bring seismic shifts in market prices, it does introduce an innovative ESG solution.
Driving the news, Jacobi Asset Management, based out of London, has rolled out Europe's first-ever 'Spot' Bitcoin ETF, listed on Euronext Amsterdam.
The Jacobi FT Wilshire Bitcoin ETF is already live, trading under the ticker BCOIN, and charges investors a 1.5% annual management fee.
Digging deeper, Fidelity Digital Assets handles the custodial services for the fund, while Flow Traders take on the role of market maker.
What's Unique About BCOIN?
It's not just about Europe getting a head start, it's also about the approach they've taken.
While the ETF is not expected to bring seismic shifts in market prices, it does introduce an innovative built-in Renewable Energy Certificate (REC) solution. Sparring you the details, it basically offers institutional investors an opportunity to invest in Bitcoin while aligning with their ESG objectives.
The US Update
Across the pond, momentum for a spot BTC ETF getting approved anytime soon appears to be tapering off. This week, after much (probably too much) anticipation, the SEC delayed its decision regarding the spot BTC ETF filed by ARK Invest.
The deadline for the SEC's final verdict on ARKs ETF is now being pushed back to January 2024.
Up next, the SEC will prepare to review Bitwise's Bitcoin ETP Trust application on September 1, with other giants like BlackRock and VanEck in the queue.
Never-ending Glimmer’s of Hope
Pulled from the top of the BTC ETF rumor mill, is former SEC official John Reed Stark’s comments on US approval scenario’s…
Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?
People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My take is that the current SEC will… twitter.com/i/web/status/1…
— John Reed Stark (@JohnReedStark)
Aug 13, 2023
In Stark's tweetstorm, he explains how the one thing that will finally change the SECs stance is a Republican nominated President.
As he puts it, if Biden is voted out of office and replaced by a Republican elect, current SEC Chair Gary Gensler would likely resign soon after.
And who would replace him? Hester Pierce – a senior Republican appointed SEC Commissioner, affectionately known as “crypto mom.” It's an intriguing prospect, to say the least.