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Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut


Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut
Aug, 15, 2023
2 min read
by CryptoSlate
Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut

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.

The post Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut appeared first on CryptoSlate.

Read the article at CryptoSlate

Read More

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Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’

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Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut


Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut
Aug, 15, 2023
2 min read
by CryptoSlate
Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut

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.

The post Eagerly-awaited Jacobi Bitcoin ETF sees lukewarm reception on debut appeared first on CryptoSlate.

Read the article at CryptoSlate

Read More

ETF Boom! Market Set To Explode To $35 Trillion By 2035 – Analyst

ETF Boom! Market Set To Explode To $35 Trillion By 2035 – Analyst

The global Exchange-Traded Fund market is poised for a meteoric rise, with analysts p...
Jun, 15, 2024
3 min read
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Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’

Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’

Global asset management firm Alliance Bernstein’s analysts predict that the price of ...
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