Jacobi Asset Management is granted permission to launch the world’s first tier-one Bitcoin ETF.
The Jacobi Bitcoin ETF is a crypto-backed financial asset that is centrally cleared and authorized by the Guernsey Financial Services Commission (GFSC), with custody supplied by Fidelity Digita; Assets.
Jacobi intends to offer the Jacobi Bitcoin ETF on Cboe Europe, one of the major pan-European equities exchanges, subject to listing clearance from the Financial Conduct Authority (FCA).
Jacobi was founded in May 2021 to define the future of digital asset management by creating, issuing, and administering institutional crypto products and funds linked to digital assets.
Jamie Khurshid, a former Goldman Sachs investment banker and regulatory transparency pioneer in financial markets is the CEO of Jacobi Asset Management.
He is recognized as one of the top 40 under 40 in European trading and technology by Financial News, also he was selected as one of the top 1000 most influential individuals in global financial markets by Exchange invest.
CEO Jamie Khurshid stated: "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.
We are proud to collaborate with Europe's leading regulated firms for a true tier-one offering to service market demand, subject to the necessary regulated approval. This is an exciting moment for Europe as regulatory approval comes ahead of those waiting for a decision from the U.S. Securities and Exchange Commission."
"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.
This new ETF provides simple, secure, accessible investing into one of the world's most exciting asset classes via some of the world's leading regulated entities," Roy McGregor, Chairman of Jacobi Asset Management and former CEO of Credit Suisse Channel Islands, said.
Investors in the Jacobi Bitcoin ETF will benefit from the security of Fidelity Digital Assets' enterprise-grade custody and execution capabilities, which are intended to allow institutional investors to reliably protect, trade, and support digital asset investments.
Chris Tyrer, European Head of Fidelity Digital AssetsSM, stated:
"Greater diversity of investor interest has created significant demand for additional vehicles for exposure to help provide broader access to digital asset markets. While safekeeping of assets is a top priority for investors and asset managers in all asset classes, the highly technical nature of digital assets places even more emphasis on this and underscores the need for institutional-grade custody solutions like ours."
Christopher Jehan, Head of Fund Architecture and former Chair of the Guernsey Investment & Funds Association, created the Jacobi Bitcoin ETF to fulfill regulatory requirements (GIFA).
Christopher oversaw the creation of the Fund at Midshore Consulting, with legal work handled by Collas Crill, supervised by Partner Wayne Atkinson and Senior Associate Gareth Morgan.
Before FCA clearance, Jacobi Bitcoin ETF investments will be made through Sigma Asset Management (Guernsey) Limited ("Sigma"), the fund manager responsible for management and administration. Midshore Consulting will continue to provide fund consultancy services.