Former Goldman Sachs Director Gets Guernsey Green Light for ‘World First’ Bitcoin ETF
London-based digital specialist Jacobi Asset Management, led by former Goldman Sachs director Jamie Khurshid, has received approval from Guernsey regulator to launch what it claims to be the “world’s first tier” Bitcoin ETF .
The move comes as Bitcoin hit nearly six-month highs above $ 61,000 at 10:30 a.m. on Monday, October 18 in anticipation of the listing of the first contract-based bitcoin exchange-traded funds (ETFs) at term in the United States,
If the Securities and Exchange Commission doesn’t object, the ProShares Bitcoin Strategy ETF is ending a 75-day period since the fund manager filed plans and could start trading on October 19.
This is an exciting time for Europe, as regulatory approval precedes those awaiting a decision from the United States Securities and Exchange Commission. ”
The Jacobi Bitcoin ETF is a centrally cleared cryptocurrency-backed financial instrument licensed by the Guernsey Financial Services Commission and held in custody by Fidelity Digital AssetsSM, he said in an October 15 statement. .
The company said its intention is to list the Jacobi Bitcoin ETF on Cboe Europe, one of the largest pan-European stock exchanges, subject to approval for listing from the Financial Conduct Authority (FCA).
Launched in May 2021 to “shape the future of digital asset management,” Jacobi said on his website that he brings together decades of banking, regulatory and fintech expertise to shape the future. of digital asset management by designing, issuing and managing institutional cryptocurrencies. products and funds related to digital assets.
Led by CEO Jamie Khurshid, a former Goldman Sachs investment banker and pioneer of regulatory transparency in financial markets, he began his career in the late 1990s in New York City, where he worked on the trading floor. Credit Suisse shares. He was also an executive director of Goldman Sachs and the Royal Bank of Scotland.
Khurshid said, âWe are excited to launch a new secure, transparent and accessible product to track Bitcoin’s performance. We reduce the risks of crypto investments by removing the technological risk associated with the physical asset and the counterparty risk associated with funds or tracking products that are unregulated leveraged debt instruments. We are proud to work with Europe’s leading regulated companies for a truly Level 1 offering that meets market demand, subject to the necessary regulated approval. It’s an exciting time for Europe as regulatory approval comes ahead of those awaiting a decision from the United States Securities and Exchange Commission. “
Roy McGregor, President of Jacobi Asset Management and Former CEO of Credit Suisse Channel Islands, said: âThe Jacobi Bitcoin ETF will finally fully integrate digital assets into traditional investment infrastructure with the support of the leading companies we work with. It will provide investors with the option of directly participating in physically settled Bitcoin. This new ETF offers simple, secure and accessible investing in one of the world’s most exciting asset classes through some of the world’s leading regulated entities.
Chris Tyrer, Head of Fidelity Digital AssetsSM in Europe, said: âA greater diversity of investor interests has created significant demand for additional vehicles of exposure to help provide greater access to digital asset markets. While asset custody is a top priority for investors and asset managers of all asset classes, the highly technical nature of digital assets further emphasizes this point and underscores the need for custody solutions. institutional quality like ours. “
The Jacobi Bitcoin ETF was developed to meet regulatory standards by Christopher Jehan, head of fund architecture and former chairman of the Guernsey Investment & Funds Association (GIFA). Christopher led the Midshore Consulting team in the design of the Fund with legal work done by Collas Crill led by partner Wayne Atkinson and senior partner Gareth Morgan.
Prior to FCA listing approval, Jacobi Bitcoin ETF investments will be facilitated by Sigma Asset Management (Guernsey) Limited, the fund manager providing management and administration. Fund advisory assistance will continue through Midshore Consulting.