Jacobi Asset Management has received approval from the Guernsey Financial Services Commission to launch a Bitcoin-based exchange-traded fund (ETF). Fidelity Digital Assets acted as the custodian of digital assets.
Thus, Jacobi intends to place the ETF on the pan-European stock exchange Cboe Europe. After the United Kingdom Financial Conduct Authority (FCA) listing approval.
“This is an exciting moment for Europe, as regulatory approval comes ahead of the expected decision from the U.S. Securities and Exchange Commission (SEC)”. The CEO and founder of Jacobi Asset Management, Jamie Khurshid said. In addition, the firm called its product a “first-level ETF”, referring to the level of partners.
The opportunity of direct participation
“Jacobi Bitcoin ETF will fully bring digital assets into the main investment infrastructure with the support of leading firms with which we work. It will provide investors with the opportunity to directly participate in physically calculated Bitcoin,” said Roy McGregor, chairman of the company.
Until the regulator approves the listing, Sigma Asset Management, a fund management firm registered on the island of Guernsey, will manage investments in ETFs. The advisory support of the ETF will be provided by Midshore Consulting.
Consequently, the minimum investment amount will be $100,000. Moreover, the Fund is open only to institutional, professional and experienced investors.
Recall that on October 15, the SEC approved the launch of an ETF based on Bitcoin futures from ProShares. The start of trading is scheduled for Monday, October 18.
According to CoinDesk, the meeting of the five SEC commissioners on the issue of the fund from ProShares took place on Friday, October 15.
However, the conclusion of approval is based on the updated prospectus; and the expiration of 75 days allowed for consideration of the application. Since the Agency did not reject it on time, this is considered a permit, although the Commission did not give it publicly.