Switzerland approves first spot Bitcoin ETF for retail investors
BIT Asset Management’s Bitcoin Fund ETF is expected to begin trading on SIX Swiss Exchange in November, with its public offering restricted to Switzerland.
Switzerland’s financial regulator FINMA has approved the first Swiss-law exchange-traded fund allowing retail investors to gain direct exposure to Bitcoin.
On Thursday, BIT Asset Management said its Bitcoin Fund ETF (BBIT) is expected to begin trading on SIX Swiss Exchange in November. The fund holds Bitcoin directly and is approved for public offering in Switzerland only.
“Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk,” said BIT Asset Management.
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