Asset Manager Lists European Spot Bitcoin ETF
Posted by Colin Lambert. Last updated: August 16, 2023
Jacobi Asset Management says it has listed Europe’s first spot Bitcoin ETF on Euronext Amsterdam, adding it represents “the first decarbonised digital asset fund compliant with SFDR (Sustainable Finance Disclosures Regulation) Article 8.
The firm says it has implemented a verifiable built-in Renewable Energy Certificate (REC) solution which allows institutional investors to access the benefits of Bitcoin whilst also meeting ESG goals.
The ETF is regulated by the Guernsey Financial Services Commission (GFSC), custodial services are provided by Fidelity Digital Assets, with Flow Traders operating as market makers and Jane Street and DRW as Authorised Participants. Fund benchmark, the FT Wilshire Bitcoin Blended Price Index, is provided by Wilshire Indexes with the REC solution created in collaboration with digital asset platform, Zumo.
Jacobi says the ETF differs from carbon offsetting products by quantifying the electricity consumption attributable to Bitcoin and purchasing equivalent RECs, the standardised instrument for procuring clean power. This provides digital proof of RECs, transparently recorded on a blockchain.
“It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF,” says Martin Bednall, CEO of Jacobi Asset Management. “Unlike other products in the European market which are debt instruments, our fund owns the underlying asset directly. Jacobi is proud to be supported by Tier1 partners at the forefront of this digital asset market evolution whilst also pioneering an innovative, environmentally sound solution for European investors.”
Kirsteen Harrison, environmental manager at Zumo, adds, “The decarbonisation of crypto is one of the most pressing challenges facing the nascent digital assets sector, and there is increasing pressure on all businesses to have credible plans to decarbonise. We’ve been working closely with Jacobi Asset Management to help them build out an ESG-aligned, future-proofed crypto offering for their customers.