High-profile Holland-based stock exchange Euronext Amsterdam, a part of the pan-European marketplace Euronext, is reportedly rolling out its first Bitcoin (BTC) exchange-traded fund (ETF).

Specifically, Jacobi Asset Management, a virtual asset management platform headquartered in London, is reportedly carrying out necessary preparations for the introduction of its Jacobi Bitcoin ETF on Euronext Amsterdam in July. 

The spot Bitcoin ETF will reportedly be available for trading across the Euronext Amsterdam Exchange under the ticker BCOIN.

The Jacobi Bitcoin ETF will reportedly marked the milestone as as the first spot Bitcoin ETF officially introduced in Europe, as revealed byy Jacobi founder and CEO Jamie Khurshid.

“Our product is the first spot or physical-backed Bitcoin fund, and the fund is not allowed to lend, stake or leverage any of the assets it owns. For the first time in Europe, investors buying an exchange-traded Bitcoin product will own the units that own the Bitcoin. There are other exchange-traded products in Europe but no other spot BTC ETF,” Khurshid additionally remarked. 

“This will be the first Bitcoin ETF on Euronext, or the first fund directly investing in Bitcoin. All other currently existing products on our segment are exchange-traded notes, or legally structured as debt instruments,” A Euronext representative shared confirmation regarding BCOIN being the first spot Bitcoin ETF ever listed on Euronext. 

While the ETF is commenced to be available in July, Euronext has not revealed particular date for the release.

Fidelity’s crypto division Fidelity Digital Assets will be the provider of custodial services for the Jacobi Bitcoin ETF, while Flow Traders and DRW would take the role of market makers to support trading. EU-based Institutional and professional investors can tap into the ETF for a 1.5% annual management fee. 

A former investment banker at Goldman Sachs, Khurshid believes that the new Bitcoin ETF launch will help bring more stability to the crypto market amid a massive sell-off.