Bitcoin exchange-traded funds (ETFs) are popping up across the Atlantic.
- Newcomer digital assets manager Jacobi Asset Management said Friday that it won approval from regulators on the island of Guernsey to launch a physically-backed bitcoin ETF.
- The news comes as U.S. investors await the fate of a spate of bitcoin futures-linked ETFs from the Securities and Exchange Commission (SEC). With Bloomberg reporting their approval is imminent, the crypto markets are rallying, with bitcoin leading the way.
- Jacobi plans to list the ETF on Cboe Europe pending further regulatory approval. It said in a press release that the U.K.’s Financial Conduct Authority still must weigh in on pre-listing.
- The Jacobi Bitcoin ETF will only be open to institutions when it launches. The ETF carries a 1.5% management fee, a brochure said.
- Fidelity Digital Assets will be the custodian of the fund’s bitcoin, a press release said. A spokesperson for Jacobi did not immediately reply to a request for comment.
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