GM friends.
Next time someone blabs to you about the U.S. having the freest, most open, most competitive capital markets in the world, look at them dead in the eyes and say: “Amsterdam.”
And no, I’m not talking about their corner-market psychedelics.
Pour your morning cup, because this is your mid-week crypto update. ☕️📰🍄
Here’s what’s in today’s issue:
- David & Sam share their thoughts on Europe officially launching it’s first Bitcoin ETF, FedNow featuring Dropp, a pro-Bitcoin president in Argentina, Singapore’s central bank finalizes stablecoin rules, the SEC delaying ARK’s ETF decision, Coinbase is getting more backers, SBF is in jail & a Curve Finance update.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Polkadot 2.0.
- Defi Dad has a tutorial for you on how to earn up to 15.5% APY with ETH LSTs on Arbitrum using Pendle Finance.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
The News Now
Europe Officially Launches First Spot Bitcoin ETF
Big news breaking out of Europe. As of Tuesday, the first spot bitcoin ETF has officially launched in Amsterdam, Netherlands.
It’s called the Jacobi FT Wilshere Bitcoin ETF, trading under the ticker “BCOIN”.
Jacobi Asset Management, a London-based firm, is the ETF’s issuer and manager.
The trading market is Euronext Amsterdam, which is the country’s largest stock-exchange.
Euronext Amsterdam is part of the Euronext group, a pan-European trading exchange with additional markets in France, Norway, Belgium, Ireland, and Portugal.
Fidelity Digital Assets is the ETF’s custodian, and the Guernsey Financial Services Commission is the regulator.
Euronext Amsterdam Exchange
Interestingly, this spot Bitcoin ETF includes a renewable energy component: the fund measures the energy usage associated with the Bitcoin held in custody, and then purchases and retires Renewable Energy Certificates (RECs) in proportion to the energy usage.
According to Jacobi, retiring these RECs helps the fund offset carbon emissions, in furtherance of the company’s ESG goals.
The launch of Europe’s first spot Bitcoin ETF means there are now a total of eight trading across the globe. Canada currently hosts five, being the first country to kick-off the party. Brazil and Dubai soon followed with both hosting one each.
Europe’s launch adds pressure for the SEC to approve the same in the US.
If other jurisdictions believe their regulatory approaches protect investors, then the SEC will increasingly face an uphill battle arguing that it can’t be done in the US. Meanwhile, other countries are benefiting as the US cedes this economic ground.
The CEO of Jacobi indicated the same in his company’s press release, stating, “it is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF.”
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