Bitcoin ETF · Bitcoin · Cointelegraph
Switzerland approves first spot Bitcoin ETF for retail investors
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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.
Key facts
- 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
- On Thursday, BIT Asset Management said its Bitcoin Fund ETF (BBIT) is expected to begin trading on SIX Swiss Exchange in November
- While FINMA has allowed funds that invest primarily in a basket of cryptocurrencies since 2021, this is the first time that FINMA has approved a fund that only invests in Bitcoin, citing trading
- Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk,” said BIT Asset Management
Summary
Switzerland’s financial regulator FINMA has approved the first Swiss-law exchange-traded fund allowing retail investors to gain direct exposure to Bitcoin. “Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk,” said BIT Asset Management. The Bitcoin Fund ETF is instead a Swiss collective investment scheme, where assets are held separately from those of the fund management company and are “ring-fenced” for investors, it said.