Nukkleus enters booming crypto ETF space with 5% stake in Jacobi

Rick Steves

Jacobi is one of the first companies to offer Bitcoin through mutual funds in Europe. Most regulators restrict cryptocurrencies from being directly held in funds. Crypto-linked funds may be a workaround. 

Nukkleus Inc has acquired a 5% interest in Jacobi Asset Management Limited for an eight figure sum, the firm announced.

Jacobi has recently received regulatory approval from the Financial Services Commission (GFSC) in Guernsey to launch a tier one Bitcoin ETF.

If approved, Jacobi will be one of the first companies to offer Bitcoin through mutual funds in Europe. Most regulators restrict cryptocurrencies from being directly held in funds. Crypto-linked funds may be a workaround.

Nukkleus is well established within the crypto industry. The firm is spearheaded by Chief Operating Officer Jamie Khurshid, former Goldman Sachs leader and veteran of financial markets regulation, and founder of Match Financial, Digital RFQ, and the very own Jacobi Asset Management.

At the helm of Nukkleus is chief executive Emil Assentato, a Wall Street veteran with over 30 years of experience in the financial services firm. He was a founding shareholder of FXDD in 2002.

Emil Assentato, Chief Executive Officer at Nukkleus, said: “Jacobi Asset Management is leading the way towards greater mainstream investment in Bitcoin in a way that is safe, secure and familiar to institutional investors. Given our belief in the promising future for digital assets and our faith in Jamie Khurshid’s track record, taking a share in Jacobi is a logical and positive next step for Nukkleus.”

By acquiring the 1/20 stake in Jacobi, the potentially first tier one Bitcoin ETF will become a part of the Nukkleus family, thus launching the firm into regulated exchange-traded crypto assets.

The crypto ETF scene is one of the most dynamic at the moment in the digital asset space. Purpose Investments has just filed a preliminary form with the Canadian securities regulators as it plans to launch actively managed cryptocurrency ETFs.

The proposed cryptocurrency ETFs are three: Purpose Crypto Opportunities ETF, Purpose Bitcoin Yield ETF, and Purpose Ether Yield ETF.

This follows the recent launch of Purpose Bitcoin ETF and Purpose Ether ETF, the world’s first Bitcoin ETF and Ether ETF, respectively, earlier in the year.

Purpose will also be launching the Purpose DeFi Opportunities Fund as a privately offered fund focused on providing exposure to the growing opportunities in decentralized finance and the unique DeFi investment universe.

The Bitcoin Futures ETF Valkyrie will be listed on the NASDAQ under the ticker BTF, on Friday. This will be the first crypto-native ETF to be listed in the US after the go-ahead from the Securities and Exchange Commission (SEC).

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.

<