According to BIT Asset Management, the Swiss Financial Market Supervisory Authority (FINMA) has approved its Bitcoin Fund ETF (code: BBIT). The company stated that this is an exchange-traded fund listed in Switzerland that directly invests in Bitcoin and is currently the only spot Bitcoin ETF in Europe.
The company stated that the fund is expected to begin trading on the Swiss stock exchange SIX Swiss Exchange in November.
BIT Asset Management indicates that the spot Bitcoin ETF is designed to track Bitcoin prices. It can be traded through regular securities accounts and allows for direct holding of Bitcoin, rather than futures or derivatives. The company claims that this structure has brought Bitcoin into mainstream American investment portfolios; in January 2024, BlackRock's iShares Bitcoin Trust ( IBIT ), along with another 10 spot Bitcoin ETF, were launched in the United States.
The company stated that most Bitcoin products traded in Europe currently are exchange-traded products ( ETP ), which are debt instruments that carry issuer risk. In contrast, Bitcoin Fund ETF is a Swiss collective investment fund whose assets are separate from those of the fund manager and are legally isolated from investors. The company said that this fund is open to Swiss retail investors, not limited to qualified investors only.
BIT Group CEO John Ge stated: "Switzerland, with its strong financial industry, clear regulations, and innovative ecosystem, has become a leading center for digital assets. For BIT Group, Switzerland is therefore the natural choice for our further international expansion. Launching the first Bitcoin ETF in Switzerland is an important milestone for us, and it also reflects our long-term commitment to the Swiss market, as well as our ambition to connect traditional finance with emerging technologies."
BIT Asset Management CEO Dominik Oggenfuss stated: "Through BBIT, we aim to create a genuine Swiss Bitcoin ETF. From fund management and custody to listing on SIX Swiss Exchange, everything is carried out in Switzerland. Investors can obtain direct exposure to Bitcoin through Swiss investment funds approved by FINMA and benefit from the supervision and investor protection provided by Switzerland's mature collective investment regulatory framework."
Oggenfuss also indicates that investors can now invest in Bitcoin through regular Swiss bank accounts, and enjoy Swiss fund management, independent custody, as well as daily transparent disclosure of their investments.
In its disclaimer, the company states that investing in Bitcoin Fund ETF carries a high level of risk, and investors may lose all their principal. This fund is classified as a “other alternative investment fund” under Swiss regulations, which involves special risks, and it invests solely in Bitcoin, which is highly volatile. The company also notes that the risks associated with this fund should not be compared to those of securities funds, and temporary borrowing could increase the total risk exposure to 125% of the fund’s net asset value. Investors are advised to read the fund documents and risk warnings before making any investments. This fund is only permitted to be publicly offered in Switzerland, and this announcement is for informational purposes only; it does not constitute an offer or invitation in any jurisdiction and is not intended for individuals within the European Economic Area or the United Kingdom.
Regarding BIT Asset Management, the company describes it as a collective investment manager headquartered in Zurich and supervised by FINMA. It is also a wholly-owned subsidiary of BIT. The company was previously known as Crypto Finance (Asset Management) AG. In 2024, it was acquired in its entirety by the group and renamed Matrixport Asset Management AG, and has since adopted its current name. The company provides regulated funds, exchange-traded products, actively managed certificates, and full-power entrusted asset management services, connecting traditional finance with digital assets. The company's CEO is Dominik Oggenfuss.
Regarding BIT, the company claims to have been established in 2019, with its predecessor being Matrixport. Headquartered in Singapore, it is an integrated digital asset platform that provides services such as trading, investment, payment, custody, and the tokenization of real-world assets. The company states that its subsidiaries hold trust or corporate service provider licenses in Hong Kong, lender licenses in Singapore, and collective asset management licenses for FINMA in Switzerland; its subsidiaries act as designated representatives in the UK, are registered for money service business in the US, and are members of the Swiss self-regulatory organization VQF.
