Europe’s First Spot Bitcoin ETF Prepares for 2023 Launch

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Last year, Jacobi Asset Management delayed the launch of spot Bitcoin ETF due to unexpected market conditions.

Despite encountering significant delays, the first spot Bitcoin exchange-traded fund (ETF) in Europe is slated for a late-2023 launch.

The groundbreaking Bitcoin ETF, created by a diversified investment platform based in London, Jacobi Asset Management, was scheduled to premiere on the Euronext Amsterdam exchange in July 2022.

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It is worth noting that in October 2021, the Guernsey Financial Services Commission (GFSC) gave the green light to Jacobi’s Bitcoin ETF.

However, the catastrophic collapse of the Terra ecosystem in May 2022, coupled with the devastating FTX implosion in November, triggered unexpected market conditions. These events compelled the asset management firm to delay the ETF’s debut.

Following a year of market tumult, the asset manager allegedly noticed a discernible shift in demand, thereby spurring the decision to proceed with the ETF launch. While the precise date remains under evaluation, the firm assured it will announce the information soon.

While Europe gave the nod to its first spot Bitcoin ETF in October 2021, all similar proposals have been dismissed by the United States Securities and Exchange Commission (SEC) so far.

However, the narrative might change in 2023 as a handful of new applications for spot Bitcoin ETFs have been submitted by prominent institutional behemoths, including BlackRock and Fidelity, who aspire to roll out the first-ever SEC-approved spot BTC ETF.

At the end of June, Bloomberg’s senior ETF analyst, Eric Balchunas, predicted that the chances for BlackRock to get its spot Bitcoin Exchange Traded Fund (ETF) approved stands at 50%.

As the crypto community continues to navigate the evolving landscape of cryptocurrency, the imminent launch of Europe’s first spot Bitcoin ETF marks a significant milestone in the intersection of traditional finance and digital currencies. The success of this endeavor could potentially usher in a new era of mainstream crypto acceptance and integration.