BIT Asset Management Wins FINMA Approval for Switzerland's First Spot Bitcoin ETF

BIT Asset Management has received approval from Switzerland's Financial Market Supervisory Authority (FINMA) for the Bitcoin Fund ETF (BBIT), marking the country's first ETF to invest directly in bitcoin and, according to the issuer, Europe's only spot bitcoin ETF. The fund is expected to begin trading on SIX Swiss Exchange in November 2026 and will be available to Swiss retail investors. Unlike most European bitcoin exchange-traded products (ETPs), which are structured as debt instruments, BBIT operates as a Swiss collective investment scheme, with assets legally segregated from those of the fund manager. The ETF will hold bitcoin directly rather than through futures or derivatives, offering exposure through traditional brokerage accounts. Classified as an alternative investment fund with particular risk, BBIT is approved for public offering in Switzerland only, not in the EEA or UK.