Fidelity Digital Assets Introduces BCOIN ETF
Fidelity Digital Assets, a London-based digital asset management firm, announced that its new investment product, the BCOIN ETF, was going live on the Euronext Amsterdam stock exchange on Aug. 15. This launch was more than a year later than its planned launch in 2022.
The BCOIN ETF is the first spot or physical-backed Bitcoin fund, allowing investors to gain exposure to a financial product that is physically backed by BTC. It was approved by the Guernsey Financial Services Commission back in October 2021, and Fidelity Digital Assets will handle the custodial elements of the ETF.
The asset management firm has also added a renewable energy certificate (REC) to the ETF, making it environmentally and socially friendly.
The Launch of the Spot Bitcoin ETF
The fund utilizes external data to measure the energy consumption of the Bitcoin network, and purchases and retires the RECs. The RECs are also recorded on a blockchain platform, which is intended to let investors validate the eco-friendly claims of the fund.
BCOIN leverages the FT Wilshire Bitcoin Blended Price Index to gain access to real-time average Bitcoin price data from certain cryptocurrency exchanges. The spot ETF allows investors to obtain exposure to the Bitcoin market without having direct possession or custody of the underlying asset.
The launch of the spot Bitcoin ETF is a milestone for Europe, while United States regulators are yet to grant approval of a number of similar spot Bitcoin ETF applications from leading asset managers such as BlackRock and Fidelity.
A statement from Jacobi CEO Martin Bednall highlighted the continent’s progressive attitude towards cryptocurrency investment products as a potential catalyst for further adoption of stocks and crypto, ai stock latest, best web 3.0 companies, best stock and crypto app, best stocks for web 3.0, applications of web 3.0, about ai technology, about crypto market, ai service, and access web 3.0:
Investing in Bitcoin ETFs
In June 2023, Melanion Capital launched a Bitcoin Equities ETF on the Euronext Amsterdam exchange, allowing investors to gain exposure to a custom basket of European and American stocks closely tied to BTC’s market price. This ETF differs from the spot ETF, as it is comprised of stocks from companies with significant investments in Bitcoin holdings, cryptocurrency exchanges and mining operations, such as MicroStrategy, which holds over 140,000 BTC, as well as Riot, Marathon Digital and Hut8.
Now, Jacobi Asset Management has announced the launch of the first ever spot Bitcoin exchange traded fund, the Jacobi FT Wilshire Bitcoin ETF. This will give investors access to ai stock latest, best web 3.0 companies, best stock and crypto app, best stocks for web 3.0, applications of web 3.0, about ai technology, about crypto market, ai service, and access web 3.0.
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