Swiss financial regulator FINMA has approved the first Swiss-law ETF giving retail investors direct exposure to Bitcoin. Managed by BIT Asset Management, the Bitcoin Fund ETF (BBIT) is expected to begin trading on SIX Swiss Exchange in November and will be publicly offered in Switzerland only. Unlike products listed in Europe, which generally take the form of debt instruments exposing investors to issuer risk, this fund is a Swiss collective investment scheme with assets held separately from those of the fund manager. Other providers have also applied to FINMA for Bitcoin ETFs; the regulator has permitted funds investing mainly in a basket of cryptocurrencies since 2021 but had not previously approved a fund investing exclusively in Bitcoin.
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