- Switzerland’s financial regulator FINMA has approved the first Swiss-law spot Bitcoin ETF for retail investors.
- BIT Asset Management’s Bitcoin Fund ETF (BBIT) holds Bitcoin directly and expects to trade on the SIX Swiss Exchange in November.
- The firm stated this structure avoids the issuer risk associated with European exchange-traded products.
- The fund’s public offering is restricted to Switzerland only.
BIT Asset Management announced on Thursday that Switzerland’s financial regulator FINMA has approved its Bitcoin Fund ETF, the first Swiss-law exchange-traded fund allowing retail investors direct exposure to Bitcoin. Trading on the SIX Swiss Exchange is expected to begin in November.
The Bitcoin Fund ETF (BBIT) holds Bitcoin directly, differentiating it from most European bitcoin products currently listed. Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk, BIT Asset Management explained.
Consequently, the fund is structured to offer exposure to Bitcoin without the counterparty risks inherent in ETPs. However, the fund is approved for public offering in Switzerland only.
The approval represents a notable development for regulated cryptocurrency investments in Europe. Meanwhile, retail investors outside Switzerland do not have access to the public offering at this time.
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