Bitcoin (BTC) is getting adopted by another major stock exchange and this time, it is from Amsterdam.
Euronext Amsterdam Launches its First ETF
For Bitcoin to be launched through the stock market, it is first acquired by a particular firm. Then the company builds its value on the basis of the holdings of Bitcoin to form stocks, launching them into the market.
The term ‘exchange-traded fund (ETF)’ is assigned to such assets that are offered through a regulated exchange.
The latest entity to form an exchange-traded fund for Bitcoin is the Dutch stock exchange. The name of the particular exchange in the Netherlands is Euronext Amsterdam. This will be the first ETF for Bitcoin or any other cryptocurrency that will debut through any Dutch exchange.
Jacobi Asset Management Launches Bitcoin ETF
The firm that is set to launch its ETF through the Euronext Amsterdam Exchange is Jacobi Asset Management. The particular firm is based in London and is known for being a management platform for digital assets.
The details confirm that the firm is aiming to launch its ETF for Bitcoin in the month of July. It was on Thursday when the firm made the announcement of launching its Bitcoin ETF.
The firm has also confirmed that the ticker it will be used for Bitcoin ETF through the Euronext Amsterdam Exchange is BCOIN.
With the launch of the ETF, Jacobi Bitcoin ETF will become the first-ever spot ETF for Bitcoin ever launched in Europe. Jamie Khurshid, the founder of Jacobi was really excited to share the update with the rest of the investment community.
Remarks by Jamie Khurshid
He added that the product that they are aiming to offer their investors in the form of Bitcoin is fully backed by physical assets. They have given no such permission for the fund to be leveraged, staked, or lent. This way, they will fully protect the assets from being used, losing their worth over time.
He stated that they are proud that they are able to offer the first-ever spot ETF for Bitcoin in entire Europe. Although there are exchanges in Europe that are offering Bitcoin ETF they are not offering ‘spot’ Bitcoin ETF. Therefore, the crown for offering the spot Bitcoin ETF goes to their platform.
Khurshid was Goldman Sachs’ former investment banker and Goldman Sachs is also proving to be a proponent of cryptocurrencies. Being an investment banker at Goldman Sachs means he has leads regarding the investors interested to spend in cryptocurrencies.
With his firm launching an ETF for Bitcoin, they will be able to bring in more investment and user base towards Bitcoin.