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Switzerland Approves First Spot Bitcoin Product for Retail Investors ETF
Cointelegraph
10-23 09:45
Ai Focus
BIT Asset Management indicates that its Bitcoin fund, ETF, is expected to begin trading on the Swiss stock exchange, SIX Swiss Exchange, in November. This marks the first time that the Swiss Financial Market Supervisory Authority, FINMA, has approved a product that is established in accordance with Swiss law and allows retail investors to directly obtain exposure to Bitcoin, ETF. However, this product is only permitted to be publicly sold in Switzerland.
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Switzerland Approves First Spot Bitcoin Product for Retail Investors ETF

The Bitcoin fund ETF under BIT Asset Management is expected to start trading in SIX Swiss Exchange in November, but its public offering will be limited to Switzerland only.

The Swiss Financial Market Supervisory Authority FINMA has approved the first exchange-traded fund (ETF) established in accordance with Swiss law (ETF), allowing retail investors to directly obtain exposure to Bitcoin.

BIT Asset Management stated on Thursday that its Bitcoin fund ETF ( BBIT ) is expected to start trading in SIX Swiss Exchange in November. This fund directly holds Bitcoin and is only permitted to be publicly offered in Switzerland.

BIT Asset Management indicates that "most Bitcoin products listed in Europe at present are exchange-traded products (ETP), and such products are considered debt instruments, carrying issuer risk."

The company stated that the Bitcoin fund ETF is part of a Swiss collective investment scheme, where the fund assets are held separately from those of the fund management company, ensuring 'risk isolation' for investors.

The fund is classified as part of the “other alternative investment funds” category in Switzerland and carries specific risks. FINMA indicates that other fund providers have also submitted applications for Bitcoin ETF.

FINMA indicates that since 2021, Switzerland has allowed funds that primarily invest in a basket of cryptocurrencies. However, this is the first time that FINMA has approved a fund that invests solely in Bitcoin, on the grounds that Bitcoin has a longer trading history and higher trading volume compared to other cryptocurrencies.

However, FINMA emphasizes that even with investments made through the approved ETF, Bitcoin still remains highly volatile.

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