Jacobi Asset Management has received approval from the Guernsey Financial Services Commission to launch a bitcoin-based exchange traded fund (ETF).
Fidelity Digital Assets has acted as custodian of the digital assets.
Jacobi intends to list the ETF on the pan-European stock exchange Cboe Europe following approval of the listing by the UK Financial Conduct Authority.
"This is an exciting moment for Europe as regulatory approval comes ahead of the expected decision from the US Securities and Exchange Commission (SEC)," said Jacobi CEO Jamie Khurshid.
The firm called its product a "Tier 1 ETF", referring to the tier of partners.
"The Jacobi Bitcoin ETF will fully bring digital assets into the mainstream investment infrastructure with the support of the leading firms we work with. It will give investors the opportunity to participate directly in physically calculable bitcoin," said company chairman Roy McGregor.
Pending regulatory approval of the listing, investments in the ETF will be made through Guernsey-based fund management firm Sigma Asset Management. The ETF will be advised by Midshore Consulting.
The minimum investment amount will be $100,000. The fund is open only to institutional, professional and experienced investors.
As a reminder, the SEC tacitly approved the launch of a bitcoin futures ETF by ProShares on October 15.