New spot Bitcoin ETF launched at Euronext Amsterdam Exchange

cointelegraph.com:

Major Dutch stock exchange Euronext Amsterdam, a part of the pan-European marketplace Euronext, is debuting its first Bitcoin (BTC) exchange-traded fund (ETF).

Jacobi Asset Management, a London-based digital asset management platform, is preparing to launch its Jacobi Bitcoin ETF on Euronext Amsterdam next month, the firm announced on Thursday. The spot Bitcoin ETF will start trading on the Euronext Amsterdam Exchange under the ticker BCOIN.

The Jacobi Bitcoin ETF is positioned as the first spot Bitcoin ETF launched in Europe, Jacobi founder and CEO Jamie Khurshid told Cointelegraph.

"Our product is the first spot or physical-backed Bitcoin fund, and the fund is not allowed to lend, stake or leverage any of the assets it owns. For the first time in Europe, investors buying an exchange-traded Bitcoin product will own the units that own the Bitcoin," Khurshid said. "There are other exchange-traded products in Europe but no other spot BTC ETF," he added.

Euronext CEO Stephane Boujnah confirmed that BCOIN will be the first spot Bitcoin ETF ever listed on Euronext. "This will be the first Bitcoin ETF on Euronext, or the first fund directly investing in Bitcoin. All other currently existing products on our segment are exchange-traded notes, or legally structured as debt instruments," he said in a statement. While the ETF will arrive in July, Euronext did not provide a specific date for the launch.

As previously reported, Jacobi received approval from the Guernsey Financial Services Commission to launch the Bitcoin ETF in October 2021.

Custodial services for the Jacobi Bitcoin ETF will be provided by Fidelity’s crypto arm Fidelity Digital Assets, while Flow Traders and DRW would serve as market makers to facilitate trading.