Jacobi Asset Management to launch Europe's first bitcoin ETF on Euronext (updated)

Flow Traders

30/06/2022 07:16

(Adds detail and background)
    By Sudip Kar-Gupta
    BRUSSELS, June 30 (Reuters) - Jacobi Asset Management said
on Thursday that it would launch Europe's first bitcoin
exchange-traded-fund (ETF) on the Euronext exchange, in a sign
of the cryptocurrency's appeal despite its volatile price
swings.
    The company said its Jacobi Bitcoin ETF would start trading
in July on Euronext Amsterdam under the symbol of 'BCOIN'.
    "The Jacobi Bitcoin ETF will enable investors to access the
underlying performance of this exciting asset class via a
well-established and trusted investment structure," said Jacobi
CEO Jamie Khurshid, a former Goldman Sachs banker. 
    Earlier this month, Bitcoin fell to as low as $17,592.78,
dropping below $20,000 for the first time since December 2020.
    Bitcoin, the largest digital currency, is down about 70%
from its high of around $69,000 in November.
    Other cryptocurrencies have also plunged in recent months as
investors dump assets deemed as relatively high-risk in favour
of safe-haven assets such as gold in response to rising
inflation and tighter monetary policies by major central banks.
    Earlier this month, ProShares announced plans to launch an
ETF aimed at 'shorting' bitcoin - namely betting on a future
fall in its value, while the U.S. securities regulator rejected
a proposal to list a spot bitcoin exchange-traded fund (ETF) by
Grayscale, one of the world's biggest digital asset managers, on
the NYSE Arca exchange. urn:newsml:reuters.com:*:nL1N2YH01D urn:newsml:reuters.com:*:nL1N2Y71LP

 (Reporting by Sudip Kar-Gupta; editing by Jacqueline Wong and
Jason Neely)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))