The Swiss Financial Market Supervisory Authority (FINMA) has approved the country’s first spot bitcoin ETF for retail investors, The Block reported on October 20. FINMA did not name the fund, but BIT Asset Management later confirmed that the approval covers its Bitcoin Fund ETF (BBIT). It is expected to start trading on the SIX Swiss Exchange in November.
FINMA classifies the product as an “other funds for alternative investments” fund with a specific risk under Swiss law. It granted an exception to its diversification rules, citing bitcoin’s longer trading history and higher trading volumes. The fund will hold bitcoin directly, with its assets segregated from those of the fund management company.
The approval is a structural change for Swiss investors. Existing bitcoin exchange-traded products in Switzerland are debt securities, not investment funds. Other fund providers have submitted or announced applications for bitcoin ETFs, so BBIT may not be the last.
FINMA set safeguards covering custody, operational risks and investor disclosures, and said the conduct rules of the Financial Services Act apply when the ETF is sold. It also stressed that the approval does not reduce bitcoin’s risks: the asset is highly volatile and investors could lose a significant part of their money.
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Sources:
- The Block: Swiss regulator FINMA approves country’s first spot bitcoin ETF for retail investors
- Cointelegraph: FINMA approves Switzerland’s first Bitcoin ETF for retail
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