On Aug 15, 2023, Jacobi Finally launched its spot Bitcoin ETF almost 1 year and 10 months after it received approval. The ETF is named as Jacobi FT Wilshire Bitcoin ETF. It is available for trading at Euronext Amsterdam Exchange.
Jacobi Asset Management had got approval for its spot Bitcoin ETF in October 2021 from Guernsey Financial Securities Commission. The company itself was incorporated in May 2021. Despite earlier approval, the firm decided not to launch its Bitcoin ETF in July 2022 because of Terra Luna’s collapse.
Approval and Subsequent Delay in Launch
Jacobi Asset Management got its approval on October 2021 and were ready for a launch in July 2022. However, they had to postpone launch for more than a year because of the then market conditions.
The delay in launch was caused by the collapse of the Terra Luna which wiped an estimated $60 billion worth wealth from investors.
World’s first Bitcoin ETF by Purpose Investments in Canada also suffered significant losses because of its launch prior to the crypto winter. It is now at 59.44% of its launch value.
Launch Timeline
The company was incorporated in May 2021 and the ETF received an approval by October 2021.
According to a statement given to financial times by the asset manager, they were about to launch the ETF in July 2022 and later on July 2023, but it was delayed possibly due to favorable market condictions.
Finally, Jacobi Launched its spot Bitcoin ETF on Aug 15, 2023.
The ETF was also approved by Dutch Authorities for launch in the Netherlands as per Jacobi’s website. It began trading on the Euronext Amsterdam Exchange on its launch day at 10:29 AM of Central European Summer Time.
However, initial reactions to the ETF did not seem much. Right after its launch the ETF only received 113 odd orders as of 05:18 PM on the same day as per Central European Summer Time.
ETF Details
Jacobi FT Wilshire Bitcoin ETF is available for trading at the Euronext Amsterdam Exchange.
- Jacobi Asset Management is the operator, controller and the manager of the spot Bitcoin ETF.
- Wilshire Indexes provided the ETF pricing benchmark.
- Zumo provided the Renewable Energy Certificate(REC) solution. A certificate that will help the ETF show its carbon offsetting in a transparent way which addressed electricity consumption concerns.
- Kennedy Van der Laan handles the legal matters pertaining to the ETF.
#NOTE: A Renewable Energy Certificate is the certificate bought to offset the carbon generated during a business’s operations. It helps to reduce carbon emissions by acting as a fine for carbon positive activities.
The price of an individual unit was $20.05 as on Aug 15, 2023, 5:30 PM Central European Summer Time.
The Bitcoin ETF by Jacobi has the following ISIN: GG00BMTPK874.
The Bitcoin ETF by Jacobi ETF bore the following ticker code: BCOIN.
Executives Related to the The ETF
The ETF is managed by the following executives.
- Martin Bednall, the CEO of Jacobi Asset Management.
- Mark Makepeace, CEO of Wilshire Indexes.
- Kirsteen Harrison, Environmental Manager at Zumo.
- Emanuel van Praag, lawyer at Kennedy Van der Laan, the legal counsel to the asset management company.
