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