The first bitcoin spot exchange-traded fund (ETF) launched in the European market has been classified as an Article 8 fund by London-based issuing company Jacobi Asset Management. Funds included in Article 8 of the European Sustainable Finance Disclosure Regulation (SDFR) concern those that “contribute to environmental and/or social performance”.
On August 29, Bloomberg reported that Jacobi Asset Management has classified its Bitcoin ETF Jacobi FT Wilshire as an Article 8 fund. V European Union rules for environmental, social and governance investments apply..
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The report cited Jacobi CEO Martin Bednall as calling the ETF “fully decarbonized” for its performance. partial investment certificates for renewable energy (renewable energy certificate, REC). However, academic experts interviewed by reporters argued that given the energy intensity of bitcoin mining, the ETF would need to acquire such a large amount of REC that it would not only equal but exceed the amount of energy consumed by its own bitcoin assets. .
Bitcoin ETF Jacobi FT Wilshire was launched more than a year later than planned for 2022. It was introduced as the main, or physically secured, spot Bitcoin (BTC) fund. offering investors the opportunity to access a financial product backed by real BTC.
From the beginning, Jacobi Asset Management has emphasized the environmental nature of ETFs. The Foundation uses external data to calculate the amount of energy used by the Bitcoin network. Then buy and “decommission” the REC. These certificates are tracked on a blockchain service designed for investors to validate the fund’s green claims.
Translation by Walter Rizzo