According to Cointelegraph, the first spot Bitcoin ETF issued by Jacobi Asset Management in London is listed on the European market and is defined as an Article 8 fund. According to Article 8 of the European Sustainable Finance Disclosure Regulation (SDFR), such funds "promote environmental and/or social characteristics." On August 29, Bloomberg reported that Jacobi Asset Management classified its Jacobi FT Wilshire Bitcoin ETF as an "Article 8" fund. Therefore, this fund, which was listed on the Amsterdam Stock Exchange on August 15, is not only the first Bitcoin ETF traded in Europe, but also the first fund to apply for the EU's environmental, social and governance investment rules. The report quoted Jacobi CEO Martin Bednall as saying that the ETF is called "fully decarbonized" because it partially invests in renewable energy certificates (RECs). However, the academic experts interviewed raised an obvious contradiction in this, that is, due to the energy intensity of Bitcoin mining, the ETF should purchase such a large number of RECs that it not only matches the energy consumed by its Bitcoin assets, but also exceeds its energy consumption.