Jacobi Asset Management (Jacobi) has listed Europe’s first spot bitcoin ETF on Euronext Amsterdam. The firm writes that the Jacobi FT Wilshire Bitcoin ETF represents the first decarbonised digital asset fund compliant with SFDR Article 8. Jacobi 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, regulated by the Guernsey Financial Services Commission (GFSC), trades under the ticker BCOIN. Custodial services are provided by Fidelity Digital AssetsSM, 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.
CEO of Jacobi Asset Management, Martin Bednall says: “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. 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.”
Mark Makepeace, CEO of Wilshire Indexes, adds: “The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership with Jacobi and, as a leader in the development of institutional grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”
The Jacobi FT Wilshire Bitcoin ETF offers an ESG-aligned digital asset solution where environmentally conscious ETF buyers can consider bitcoin within their investment portfolio, as well as independently audit the environmental claims. Jacobi’s solution differs from carbon offsetting products by quantifying the electricity consumption attributable to bitcoin in the ETF and purchasing equivalent RECs, the standardised instrument for procuring clean power. This provides digital proof of RECs, transparently recorded on a blockchain.
Kirsteen Harrison, Environmental Manager, Zumo, says: “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. It’s hugely exciting to see it come to life in the shape of Europe’s first bitcoin ETF. We’re creating the investment products of tomorrow – what a moment for the industry.”
Emanuel van Praag, lawyer at Kennedy Van der Laan, says: “We are proud to have provided legal counsel to Jacobi AM in its listing of the first SFDR Article 8 digital assets fund.”