The GFSC-approved Jacobi Bitcoin ETF is a cryptocurrency-based crypto financial instrument backed by Bitcoin Escrow provided by Fidelity Digital Assets.
Jacobi Asset Management, a London-based multi-asset investment platform, received approval from the Guernsey Financial Services Commission (GFSC) to launch a Bitcoin (BTC) exchange-traded fund (ETF).
Speaking to Cointelegraph, Jamie Khurshid, CEO of Jacobi Asset Management, said that regulatory clarity helps companies and institutions engage in Bitcoin investments safely, without all the risks associated with technology and counterparties.
According to the official statement, Jacobi Bitcoin ETF is a centrally authorized cryptocurrency financed financial instrument that is backed by a Bitcoin escrow provided by Fidelity Digital Assets.
The GFSC approval allows investors to trade Jacobi Bitcoin ETFs on traditional exchanges in “all jurisdictions outside the United States and others with similar restrictions.”
Khurshid, who is also a former investment banker at Goldman Sachs, noted that the funds are “centrally offset by securities held in the main securities depository (CSD),” a process familiar to traditional asset managers. Speaking to investors in all authorized jurisdictions, Khurshid said:
“We have feeder funds being created around the world that will exclusively invest in the Jacobi Bitcoin ETF to meet domestic demand.”
Additionally, the company intends to list the Jacobi Bitcoin ETF on the Cboe Europe exchange, which has yet to receive approval from the Financial Conduct Authority (FCA), a UK financial regulator.