When it comes to a spot Bitcoin ETF (Electronically Traded Fund), the EU beat the U.S. to the punch…

…or at least that was the story from some major crypto outlets like Cointelegraph, Blockworks and others.

But did it really happen?

Not quite.

It turns out, stories concerning the launch of a spot Bitcoin ETF on the Euronext Amsterdam Exchange got it technically wrong.

The usage of ETFs for specific assets like Bitcoin or gold is prohibited by EU regulatory requirements, as noted by crypto and finance expert Patrick Hansen, and reported by U.Today (“No, Europe Did Not Launch Spot Bitcoin ETF,” 15 Aug 2023).

What was launched on Euronext was an ETP (Exchange Traded Product), not an ETF.

Broader in scope than an ETF, ETP’s, on the other hand, often refer to multiple asset investment products.

In the case of the Bitcoin product offered by London-based Jacobi FT Wilshire Bitcoin ETF, under the aegis of Jacobi Asset Management, it is structured as debt securities, mirroring Bitcoin’s performance.

What’s more, it’s not the first investment product of its kind to be offered in the EU.

The confusion and hype surrounding the supposed event didn’t end up doing much for the price of Bitcoin or cryptos more generally, in any case.

The sector saw a general dive over the week.