Investment manager

BlackRock iShares alum joins digital asset investment manager ahead of Europe’s first Bitcoin ETF launch

Former BlackRock alum Martin Bednall will join Jacobi Asset Management, a next-generation digital asset manager, as CEO, starting August 1. Outgoing CEO Jamie Khurshid becomes Chairman of the Board.

Bednall has spent the past eight years as Managing Director of London-based FinEx Capital Management, a role he will continue. Prior to that, he spent over 13 years in various roles at BlackRock, including co-head of the iShares product team.

“I am absolutely thrilled to join Jacobi at this very exciting and pivotal time in the digital asset market, and to continue the important milestones already achieved by the founders,” Bednall said.

“A long-awaited development, spot ETFs are widely expected to serve as a potential gateway for institutional cryptocurrency investments.”

Jacobi is due to launch Europe’s first spot Bitcoin ETF this month. A long-awaited development, spot ETFs are widely expected to serve as a potential gateway for institutional cryptocurrency investments (currently on a limited scale) due to the benefits of lower costs, ease of access, and convenience. stronger investor protection.

The launch of the new fund will put Europe ahead of the United States, where the SEC continues to reject applications for spot Bitcoin ETFs (although it is more lenient with futures ETFs, several of which have been approved). In June, it again refused applications from Grayscale and Bitwise Asset Management, and has rejected more than a dozen others since the start of the year.

Jacobi’s Bitcoin ETF, which was announced on June 30, 2022, received regulatory approval from the Guernsey Financial Services Commission (GFSC) in October 2021 and is expected to begin trading on Euronext Amsterdam in August under the symbol BCOIN. Custody services will be provided by Fidelity Digital Assets, Flow Traders and DRW facilitating trades.

“We are delighted to act as lead market maker for Europe’s first Bitcoin ETF, which is another step in the development of the institutional digital asset space,” said Edd Carlton, asset trader. institutional digital at Flow Traders. “It also aligns with growing demand from institutional investors looking to diversify their portfolios by adding Bitcoin and other digital assets.”

“The launch of the Jacobi Bitcoin ETF is the start of an exciting roadmap for digital asset exchange-traded funds suitable for institutional, professional and sophisticated investors,” added new Chairman Khurshid.

“Having the first Bitcoin ETF in Europe gives Jacobi a fantastic foundation on which to build more products and distribution channels to provide the market with the institutional-grade regulated digital asset products it needs,” Bednall said.