A London-based money manager has just attached an ESG label to a Bitcoin exchange-traded fund, in a move that has environmental experts doing a double take.

Jacobi Asset Management says its Jacobi FT Wilshire Bitcoin ETF (Ticker: BCOIN NA) is an Article 8 fund, which under EU regulations means it has to “promote” ESG. It’s the latest addition to the Article 8 fund category, which Bloomberg Intelligence estimates now covers about $6 trillion of assets across an ever wider array of financial products.

Never before have the EU’s environmental, social and governance investing rules been applied to an ETF …