Bitcoin exchange-traded funds (ETFs) are popping up across the Atlantic.
Newcomer digital assets manager Jacobi Asset Management said Friday that it won approval from regulators on the island of Guernsey to launch a physically-backed bitcoin ETF.
The news comes as U.S. investors await the fate of a spate of bitcoin futures-linked ETFs from the Securities and Exchange Commission (SEC). With Bloomberg reporting their approval is imminent, the crypto markets are rallying, with bitcoin leading the way.
Jacobi plans to list the ETF on Cboe Europe pending further regulatory approval. It said in a press release that the U.K.’s Financial Conduct Authority still must weigh in on pre-listing.
The Jacobi Bitcoin ETF will only be open to institutions when it launches. The ETF carries a 1.5% management fee, a brochure said.
Fidelity Digital Assets will be the custodian of the fund’s bitcoin, a press release said. A spokesperson for Jacobi did not immediately reply to a request for comment.