The SEC doesn’t want to hear anything – This was the bad news this week: Grayscale was denied its spot Bitcoin ETF over there Securities and Exchange Commission (DRY). However, some institutions are much less sectarian. Thus, at Netherlandsa first BTC spot ETF has just been accepted.
A first Bitcoin spot ETF in Europe, before many others?
Grayscale Investment did not appreciate the refusal of its exchange-traded fund (ETF) by the United States Securities Commission. The company even has carried the case in court, so much the decision seems unjustified.
Because in the case of Grayscale, it was a simple conversion of its flagship fund, which has existed for years: the Grayscale Bitcoin Trust, or GBTC. The behavior of the SEC is going to be all the more impossible to defend that one of its European equivalents saw no problem in accepting a spot ETF.
According to a press release published on June 30, 2022, the company Jacobi Asset Management will be able to throw its ETF based on real bitcoins on the exchange Euronext Amsterdam. This will be Europe’s first bitcoin spot ETF.
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The BCOIN fund listed on the stock exchange from July 2022
The press release details the launch of the Bitcoin Jacobi ETF under the index « BCOIN from this month of July. The Guernsey Financial Services Commission (GFSC) had approved this fund at the end of 2021.
As a spot ETF, the latter is not not based on derivative products like those approved so far by the SEC: it requires underlying assets, so here, real bitcoins. Fidelity Digital Assets will ensure the keep of these BTCs.
” The Bitcoin Jacobi ETF will provide investors with access to the underlying performance of this exciting asset class, via a well-established and reliable investment structure. At Jacobi, our goal is to make investing in digital assets simpler and more familiar to institutional and professional investors. (…) This is a European first with our listing on the Euronext Amsterdam stock exchange”
Jamie Khurshid, CEO of Jacobi Asset Management
Note that this great premiere will not be free of charge. Traditional finance obliges, management fees of the BCOIN fund will still be 1.5% per year on the sums involved.
As you will have understood, the American SEC will now have even more difficulty justifying its refusals systematic of a spot ETF. Especially as requests him more and more flock each day. After the acceptance of its derivative ETF, and the refusal of its spot ETF at the end of 2021 (both being based on Bitcoin therefore), the company VanEck is one of those who return to the charge for To put under pressure the SEC.
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