BIT approved by FINMA: launches Switzerland's first spot Bitcoin ETF Odaily Planet Daily News: BIT AM, the Swiss asset management subsidiary of BIT, announced that it has obtained approval from the Swiss Financial Market Supervisory Authority (FINMA) to launch Switzerland's first Bitcoin Fund ETF (code: BBIT) that directly invests in Bitcoin. It is expected to be listed on the Swiss Stock Exchange in November. As the only spot Bitcoin ETF in Europe, it adopts the Swiss collective investment plan structure and asset segregation. With Switzerland's top wealth management and high net worth capital advantages, this fund is open to a wide range of investors, allowing for convenient allocation of Bitcoin through ordinary Swiss bank accounts, which is expected to attract a large amount of traditional capital to enter.