Jacobi Asset Management has announced that it has received approval to launch a ‘Tier 1’ ETF for Bitcoin. The term emphasizes the support of the fund from top partners.
The launch of the new fund was approved Bailiwick’s regulator of Guernsey is the Guernsey Financial Services Commission (GFSC). The ETF shares will be traded on the European stock exchange Cboe Europe, however the listing must be approved by the UK regulator. Fidelity Digital Assets will store the cryptocurrency for the new fund.
“Tier 1 ETF is a term used to describe the top partner ecosystem. We are in the process of listing on a top stock exchange. In addition, all the firms supporting the launch of the fund are the best in the industry, ”said a Jacobi representative.
The Jacobi Asset Management team has been working to obtain regulatory approval for over nine months. The new fund will be “fully regulated” and will be “the first fund in Europe to invest all its money in bitcoin.” Only institutional investors and professional traders will have access to investments in the new fund, and the minimum investment amount will be $ 100,000.
Earlier it became known that the US Securities and Exchange Commission (SEC) approved the launch of ETF on bitcoin futures by ProShares. The SEC has changed its attitude towards applications for the launch of ETFs on Bitcoin futures, but funds with direct investments in the first cryptocurrency are not planned to be approved yet.