Switzerland approves first spot Bitcoin ETF for retail investors
Summary
FINMA approved BIT Asset Management’s Bitcoin Fund ETF (BBIT), the first Swiss-law ETF offering retail investors direct Bitcoin exposure. The fund is expected to start trading on SIX Swiss Exchange in November and is approved for public offering only in Switzerland. Unlike many European Bitcoin ETPs, it is a collective investment scheme whose assets are held separately from the manager’s. FINMA said Bitcoin’s trading history and volume supported approval of a single-asset fund, while warning that Bitcoin remains highly volatile. Other Bitcoin ETF applications are also pending.
