Channel Islands claim Bitcoin first fund listing

Jonathan Boyd
Channel Islands claim Bitcoin first fund listing

The Channel Islands Securities Exchange (CISE) has admitted to its official list the Global Advisors Investment Fund plc, which is said to be the first regulated Bitcoin fund listed on any exchange.

The open ended fund is managed by Global Advisors (Jersey) Limited. Launched in 2014, the fund also claimed to be the world’s first regulated Bitcoin fund following certification as an Expert Fund by the Jersey Financial Services Commission.

Global Advisors’ principal Daniel Masters said: “The time is right. Bitcoin now has a market capitalisation of over $12.4bn, an all-time high, with approximately 16 million coins in issue. Bitcoin is the leading digital currency, ranking 73rd in total amount in circulation on the global list of M1 forms of money. Several leading analysts are now covering the currency, with a recent report from Canaccord Genuity projecting an eight-fold increase in implied value within a decade.”

Global Advisors also manages two Bitcoin exchange traded certificates – COINXBT and COINXBE – which are listed on the NasdaqOMX in Stockholm.

The Jersey-listed open ended fund is focused on outperforming Bitcoin in dollar terms. Masters’ added:  “As fund managers, we have a number of powerful tools to generate alpha, including arbitrage, pair-trading, cash and carry and coin lending. Today’s listing of GABI on the CISE acknowledges how far we have come over the last two years since GABI was launched as the world’s first regulated Bitcoin fund, as well as the transformational role Bitcoin is starting to play as a global currency and its emergence as an important, uncorrelated asset class for investors.”