The issuer of Jacobi spot Bitcoin ETF has classified it as an Article 8 fund. These types of funds “promote environmental and social characteristics” according to the European Sustainable Finance Disclosure Regulation (SDFR).
Bloomberg reported on August 29 that Jacobi Asset Management has classified its Bitcoin ETF as an “Article 8” fund.
Consequently, the fund debuted on the Amsterdam stock exchange on August 15, is the first Bitcoin ETF traded in Europe, and is the first to comply with the European Union’s environmental, social, and governance investing regulations.
The report cites Martin Bednall, CEO of Jacobi, who describes the ETF as “fully decarbonized” due to its partial investments in renewable energy certificates (RECs).
However, when questioned by journalists, academic experts point out an apparent contradiction: Given the energy intensity of Bitcoin mining, the ETF should purchase such a large quantity of RECs that it matches and exceeds the energy consumed by its BTC assets.
Jacobi FT Wilshire Bitcoin ETF went active on the Euronext Amsterdam stock exchange on August 15, more than a year after its 2022 launch date. The launch was promoted as the first spot, or physically-backed, Bitcoin fund, providing investors access to a financial instrument secured by actual BTC.
Jacobi Asset Management emphasized the ETF’s eco-friendly nature from the outset. The fund utilizes external data to determine how much energy the Bitcoin network consumes.
The company then buys and “retires” RECs. These certificates are recorded on a blockchain-based service, enabling investors to verify the fund’s environmental claims.
