Key Takeaways
- • Switzerland's first spot bitcoin ETF, the Bitcoin Fund ETF (BBIT), is set to begin trading on SIX Swiss Exchange in November, with the exact date yet to be determined, according to SIX Swiss Exchange.
- • FINMA approved BBIT on Oct. 20, granting a rare exemption from diversification rules so the fund can invest entirely in bitcoin.
- • Approximately 90 banks and brokers from Switzerland and abroad participate in SIX, and international brokers can access the ETF either directly as approved trading participants or indirectly through an existing participant.
- • BBIT is approved only for public sale in Switzerland, so overseas firms can trade shares but may not be able to offer them to clients unless local rules permit.
- • FINMA said other issuers are seeking approval for similar crypto funds, but the decision does not automatically extend to ether, solana or other cryptocurrencies.
Summary
Switzerland's first spot bitcoin exchange-traded fund, the Bitcoin Fund ETF (BBIT), will be available to overseas banks and brokers when trading begins on SIX Swiss Exchange in November, SIX told CoinDesk. The precise listing date has not been set. Once listed, both institutional and retail investors can trade the fund, according to Danielle Reischuk, senior ETFs and ETPs sales manager at SIX.
The Swiss Financial Market Supervisory Authority (FINMA) approved BBIT on Oct. 20. The approval granted a rare exemption from rules requiring investment funds to spread assets across different instruments, allowing the fund to invest entirely in bitcoin. A FINMA spokesperson told CoinDesk that bitcoin's long trading history and high trading volumes supported the decision. The regulator also confirmed that other companies are seeking approval for similar products, but the approval does not automatically extend to ETFs holding ether, solana or other cryptocurrencies.
Asset manager BIT Asset Management said in an Oct. 22 statement that the fund lets ordinary Swiss investors gain bitcoin exposure without buying or storing the asset themselves. It distinguished BBIT from most bitcoin products traded in Europe, which are structured as debt notes issued by financial companies, leaving investors with a claim against the issuer. BBIT is a regulated investment fund whose bitcoin holdings are segregated from the manager's balance sheet, offering investors stronger legal protection if the manager fails. Switzerland has offered bitcoin investment products for years, but BBIT is its first ETF approved to invest directly in bitcoin and sell to ordinary investors.
Reischuk said roughly 90 banks and brokers from Switzerland and abroad participate in the exchange. International firms can access the ETF directly as approved trading participants, subject to regulatory and technical requirements, or indirectly through an existing participant. However, whether those firms can offer the shares to clients depends on rules in each client's home country. BIT Asset Management said BBIT is approved for public sale only in Switzerland, and Reischuk noted that even Swiss customers may not be able to buy it immediately through their usual banking apps.
The Swiss Financial Market Supervisory Authority (FINMA) approved BBIT on Oct. 20. The approval granted a rare exemption from rules requiring investment funds to spread assets across different instruments, allowing the fund to invest entirely in bitcoin. A FINMA spokesperson told CoinDesk that bitcoin's long trading history and high trading volumes supported the decision. The regulator also confirmed that other companies are seeking approval for similar products, but the approval does not automatically extend to ETFs holding ether, solana or other cryptocurrencies.
Asset manager BIT Asset Management said in an Oct. 22 statement that the fund lets ordinary Swiss investors gain bitcoin exposure without buying or storing the asset themselves. It distinguished BBIT from most bitcoin products traded in Europe, which are structured as debt notes issued by financial companies, leaving investors with a claim against the issuer. BBIT is a regulated investment fund whose bitcoin holdings are segregated from the manager's balance sheet, offering investors stronger legal protection if the manager fails. Switzerland has offered bitcoin investment products for years, but BBIT is its first ETF approved to invest directly in bitcoin and sell to ordinary investors.
Reischuk said roughly 90 banks and brokers from Switzerland and abroad participate in the exchange. International firms can access the ETF directly as approved trading participants, subject to regulatory and technical requirements, or indirectly through an existing participant. However, whether those firms can offer the shares to clients depends on rules in each client's home country. BIT Asset Management said BBIT is approved for public sale only in Switzerland, and Reischuk noted that even Swiss customers may not be able to buy it immediately through their usual banking apps.
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