Key facts
- BIT Asset Management's Bitcoin Fund ETF (BBIT) will trade on SIX Swiss Exchange.
- The ETF is restricted to retail investors in Switzerland.
- FINMA approved the fund, citing Bitcoin's trading history and volume.
- The fund holds Bitcoin directly, unlike many European ETPs.
Switzerland's financial regulator, FINMA, has approved the country's first spot Bitcoin exchange-traded fund (ETF) for retail investors. BIT Asset Management's Bitcoin Fund ETF, ticker BBIT, is set to commence trading on the SIX Swiss Exchange in November. The fund directly holds Bitcoin, distinguishing it from many European exchange-traded products (ETPs) which are debt instruments carrying issuer risk. FINMA noted that the fund is categorized under "other funds for alternative investments" and highlighted Bitcoin's volatility, even through an approved ETF. The regulator also indicated that other fund providers have submitted similar applications, with this approval stemming from Bitcoin's established trading history and higher volume compared to other cryptocurrencies.