Industry Updates

Jacobi AM gets bitcoin ETF approval in Guernsey

Will list on the Cboe exchange subject to FCA approval

Theo Andrew

a group of gold coins on a keyboard

Jacobi Asset Management has received approval from the Guernsey financial regulator to launch a physically-backed bitcoin ETF in Europe.

The London-based asset manager has been given the green light to launch the Jacobi Bitcoin ETF by the Guernsey Financial Services Commission on Cboe Europe.

The listing will be subject to regulatory approval from the Financial Conduct Authority.

Jacobi AM, launched by former Goldman Sachs investment manager Jamie Khurshid in May this year, said the ETF will be a centrally cleared crypto-backed financial instrument, with custody provided by Fidelity Digital Assets.

Sigma Asset Management will provide the management and administration.

Khurshid said: “We are excited to be launching a new secure, transparent and accessible product to track the performance of bitcoin.

“We are de-risking investments in crypto by removing the technology risk associated with the physical asset and the counterparty risk associated with traditional funds or tracker products that are unregulated leveraged debt instruments.”

Roy McGregor, chairman of Jacobi AM, added: “The Jacobi Bitcoin ETF will finally bring digital assets wholly into the mainstream investment infrastructure with the support of the leading firms we are working with. It will provide investors with the opportunity to participate directly in physically-settled bitcoin.”

The news comes as investors await the decision from the Securities and Exchange Commission (SEC) in the US on bitcoin futures-linked ETFs.

Bloomberg reported on Friday that SEC approval was imminent with several managers having filed to launch a bitcoin ETF.

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