Switzerland’s Financial Market Supervisory Authority, FINMA, announced on Oct. 20 that it had formally approved the Bitcoin Fund ETF, ticker BBIT, launched by BIT Asset Management AG, an asset management company under BIT.
According to the source article, this is Switzerland’s first ETF established under local fund law that directly invests in Bitcoin and is open to retail investors. BIT also described it as the only spot Bitcoin ETF currently in Europe. The product is expected to list on SIX Swiss Exchange in November.
How BBIT differs from existing European Bitcoin products
The article notes that Europe has already had a range of Bitcoin investment products for some time. In markets including Switzerland and Germany, many BTC ETPs have been issued in debt-security form. Even if those products are backed by underlying Bitcoin, investors still need to consider the issuer’s credit risk.
BBIT uses a Swiss collective investment fund structure instead. It directly holds BTC, keeps fund assets separate from the asset manager’s own balance sheet, and is subject to FINMA’s framework for fund governance, custody, and disclosure.
Retail access under a Swiss fund framework
The article says Switzerland had previously approved crypto asset funds mainly for professional investors. BBIT expands that access to retail investors, allowing them to gain BTC exposure through traditional securities accounts within Switzerland’s regulated fund framework.
The acquisition behind BIT’s launch
The report ties the approval to an acquisition completed two years earlier. In 2024, BIT, formerly Matrixport, acquired Switzerland-based Crypto Finance (Asset Management) AG.
The company had belonged to Crypto Finance Group, which is under Deutsche Börse Group, and held FINMA-regulated qualifications. It also already had experience managing crypto asset funds. After the acquisition, the firm gradually became an important platform for BIT’s regulated asset management business in Europe. With BBIT now approved, the article says the deal has produced a new result.
The piece adds that launching an ETF requires more than offering crypto trading services. It also calls for capabilities in fund management, independent custody, compliant operations, and access to traditional securities distribution channels. From acquiring a licensed Swiss asset manager to launching the country’s first spot BTC ETF, BIT is extending its digital asset service capabilities into traditional financial markets.
