Switzerland’s financial regulator FINMA approved the first Swiss-law ETF that holds only Bitcoin and gives retail investors direct exposure to it. The fund is approved for public offering only in Switzerland, and FINMA warned that Bitcoin remains highly volatile even through an approved ETF.
BIT Asset Management said its Bitcoin Fund ETF is expected to begin trading on SIX Swiss Exchange in November; trading has not begun. The fund is classified as an “other fund for alternative investments” with particular risk. BIT said its assets are held separately from those of the fund management company, unlike the European Bitcoin exchange-traded products it described as debt instruments carrying issuer risk.
