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Jacobi Asset Management is set to launch a Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam Exchange this month.

Edd Carlton, Institutional Digital Asset Trader at Flow Traders, said the launch was in alignment “with the growing demand from institutional investors who are looking to diversify their portfolios by adding Bitcoin and other digital assets.” CEO Jamie Khurshid said: “The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure.” Last year Oct, Guernsey’s financial regulator gave the nod to Jacobi Bitcoin ETF to be launched as the first tier-one Bitcoin ETF.

Jacobi’s fund launch is also on the backdrop of the U.S. Securities and Exchange Commission’s (SECs) rejection of the spot Bitcoin ETF by Grayscale.

In contrast to what is happening in Europe, the voice for a crypto spot ETF has been growing in the U.S. Recently, SEC Chair Gary Gensler said that Bitcoin is the only crypto asset to be considered a “commodity.” In the past, Gensler has indicated that he is more comfortable with a future-based ETF than a spot fund.