Bitcoin (BIT) has received approval from the Swiss Federal Institute of New York and New Zealand (FINMA) to launch Switzerland's first spot Bitcoin ETF.

BIT's Swiss asset management subsidiary, BIT AM, has received approval from the Swiss Financial Market Supervisory Authority (FINMA) to launch Switzerland's first Bitcoin Fund ETF (ticker symbol: BBIT), which directly invests in Bitcoin. It is expected to list on the Swiss Stock Exchange in November. The fund adopts a Swiss collective investment scheme structure, with segregated assets, and is open to investors, allowing allocation of Bitcoin through ordinary Swiss bank accounts.