Switzerland Approves First Spot Bitcoin ETF, Targets November Listing

Switzerland has approved its first spot exchange-traded fund that allows retail investors to invest directly in Bitcoin. Unlike the debt-based Bitcoin investment products already available in Europe, the fund is structured to keep its assets separate from those of the asset manager.

BIT Asset Management said on Oct. 22 that the Swiss Financial Market Supervisory Authority, or FINMA, approved the Bitcoin Fund ETF, which will trade under the ticker BBIT. The manager is pursuing a November listing on Switzerland’s SIX Swiss Exchange. Public distribution will be limited to Switzerland.

BBIT will hold spot Bitcoin rather than futures or derivatives. Investors will be able to trade the ETF on the stock market to gain exposure to Bitcoin price moves without having to manage a crypto wallet themselves.

FINMA announced the approval on Oct. 20. The regulator said it granted an exemption from diversification rules after considering Bitcoin’s longer trading history and higher trading volumes than other digital assets. In 2021, FINMA allowed funds for qualified investors that invest in multiple digital assets. This time, it opened a single-asset Bitcoin product to retail investors.