The Swiss Financial Market Supervisory Authority (FINMA) has granted approval for the first spot Bitcoin exchange-traded fund (ETF) available to retail investors in Switzerland. The fund, managed by BIT Asset Management, is structured as a Swiss collective investment scheme.
Unlike existing exchange-traded products (ETPs) in Europe, which function as debt instruments and carry issuer risk, this ETF holds Bitcoin directly. The assets are ring-fenced from the management company, providing a distinct legal structure for investors.
The Bitcoin Fund ETF (BBIT) is scheduled to begin trading on the SIX Swiss Exchange in November. The public offering of the fund is currently restricted exclusively to the Swiss market.
FINMA classified the product under the category of other funds for alternative investments, noting its inherent volatility. While the regulator has permitted funds investing in cryptocurrency baskets since 2021, this is the first approval for a fund focused solely on Bitcoin.
