New Bitcoin ETF Launches, But Not in the US: What You Need to Know

2023-8-15 18:30

The Jacobi FT Wilshire Bitcoin ETF, Europe’s first spot Bitcoin (BTC) exchange-traded fund (ETF), has gone live on the Euronext Amsterdam stock exchange.

While a spot Bitcoin ETF listing in the US is proving elusive, Europe has managed to get there first.

European Investors Can Now Have Exposure to Spot Bitcoin  

According to Businesswire, Jacobi Asset Management has listed Europe’s first spot Bitcoin ETF on the Euronext Amsterdam stock exchange. The Jacobi FT Wilshire Bitcoin ETF will have a ticker symbol of BCOIN. The Guernsey Financial Services Commission (GFSC) will oversee its regulation. 

However, Patric Hansen, Director of the European Union Strategy and Policy at Circle, criticized the development and called it misleading. He wrote:

“Misleading headline. EU ETFs cannot be used for single assets like Bitcoin or gold for regulatory reasons. Bitcoin ETPs, on the other hand have existed in the EU for years.”

BE[IN]CRYPTO reported earlier that Jacobi had registered a European spot Bitcoin ETF Guernsey. The Channel Islands are not members of the EU, hence, regulators can approve an ETF.

US Yet to Approve Spot Bitcoin ETFs 

In the meantime, several investment funds, including the prominent asset management firm BlackRock, have submitted applications for spot Bitcoin exchange-traded funds (ETFs) in the United States.

However, ETF applications in the US are expected to have a bumpy ride due to various delays. On Aug. 11, the Securities and Exchange Commission (SEC) delayed reviewing ARK Invest’s application for its ETF. 

In July, BE[IN]CRYPTO reported that the Gemini co-founder Cameron Winklevoss criticized the SEC’s approach to spot Bitcoin ETFs.

Martin Bednall, the CEO of Jacobi Asset Management, highlighted Europe’s proactive approach to listing a spot Bitcoin ETF compared to the US. Meanwhile, the community believes: “The US is always late on everything.”

Community reaction on the European spot Bitcoin ETF. Source: Twitter

Broadly, the community has shown excitement for listing the European spot Bitcoin ETF. However, some community members are disappointed as Bitcoin’s price has yet to show much reaction.

As of writing, Bitcoin (BTC) is trading at $29,358, up by just 0.06% in the past 24 hours.

Bitcoin price. Source: BeInCrypto

Got something to say about the European spot Bitcoin ETF or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post New Bitcoin ETF Launches, But Not in the US: What You Need to Know appeared first on BeInCrypto.

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