The firm has received regulatory approval for a Bitcoin exchange-traded fund (ETF) that will be available to retail investors in Switzerland.
BIT Asset Management, the Swiss asset management subsidiary of BIT, has received approval from the Swiss Financial Market Supervisory Authority (FINMA) for its Bitcoin Fund exchange traded fund (ETF) (BBIT). BBIT is structured as a Swiss collective investment scheme The fund will invest directly in Bitcoin and is the first spot Bitcoin ETF approved in Switzerland. It is also currently Europe's only spot Bitcoin ETF, according to BIT Asset Management. Unlike exchange-traded products (ETPs),