Hotly-anticipated Jacobi Bitcoin ETF sees lukewarm reception on debut Hotly-anticipated Jacobi Bitcoin ETF sees lukewarm reception on debut
Market observers said it was "misleading" to describe Jacobi Bitcoin ETF as Europe's first spot ETF.
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Updated: Aug. 15, 2023 at 7:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Early indications show that Europe’s “first” Bitcoin (BTC) exchange-traded fund (ETF), Jacobi Bitcoin ETF, is not generating much interest as anticipated, as its transaction volume of only four transactions during the first day of its trading.
Data from Euronext shows that the Jacobi ETF recorded only four transactions, with a volume of 113 as of press time. In addition, the ETF’s price has experienced a marginal 0.1% decline since its initial opening. Notably, the most competitive bid has been observed just below the $20 mark, while the shares are presently trading slightly above this threshold.
Jacobi Bitcoin ETF launched on Euronext Amsterdam under the BCOIN ticker earlier today, Aug. 15. The ETF gained approval last year in Guernsey but suspended its launch after Terra Luna’s crash collapsed the crypto market.
‘First’ Bitcoin ETF
Bloomberg’s market analyst James Seyffart pointed out that it was “misleading and just a regulatory arbitrage type of technicality” to describe Jacobi Bitcoin ETF as the first spot ETF in Europe.
According to Seyffart, there are plenty of spot Bitcoin ETPs in Europe already. He added:
“The ETNs/ETCs in europe have SPVs and structures that make them physically backed in most cases. This ETF isnt UCITs & Guernsey is a non-EU country. While its technically correct to say its the first “ETF in Europe”. Its largely marketing.”
Circle Director of Research and Policy Patrick Hansen further buttressed that “E.U. ETFs cannot be used for single assets like bitcoin or gold for regulatory reasons. Guernsey is not part of the EU.” He added:
“ETPs on the other hand (structured as debt securities mirroring BTC) have existed in the EU for years.”
Bitcoin price unchanged
Meanwhile, the spot ETF listing failed to impact BTC’s price. According to CryptoSlate’s data, the asset’s price fell by 0.1% in the last 24 hours and continues to trade below $30,000 as of press time.
BTC’s price performance also reflects the current sentiments in the market, with flagship cryptocurrencies, including Ethereum (ETH), BNB, and XRP struggling during the period.
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