"Switzerland's First Spot Bitcoin ETF Approved, Marking a New Milestone for BIT in the European Market" After nearly three years of listing in the US, the first spot Bitcoin ETF open to retail investors has finally been launched. On October 20th, the Swiss Financial Market Supervisory Authority (FINMA) announced its formal approval of the Bitcoin Fund ETF (ticker symbol: BBIT), launched by BIT Asset Management AG, a subsidiary of BIT. This is Switzerland's first ETF established under local fund laws, directly investing in Bitcoin and open to retail investors. BIT also claims it is currently the only spot Bitcoin ETF in Europe. The product is expected to list on the Swiss Stock Exchange (SIX) in November. Why is this noteworthy? In fact, there have been many Bitcoin investment products in Europe for some time. Most BTC ETPs previously launched in markets like Switzerland and Germany adopted a debt securities structure. Even with underlying Bitcoin backing, investors still need to pay attention to the issuer's credit risk. BBIT adopts a Swiss collective investment fund structure, directly holding BTC. The fund's assets are segregated from the management company's own assets and are subject to the fund governance, custody, and disclosure requirements under the FINMA regulatory framework. Another noteworthy detail: While Switzerland has previously approved crypto asset funds, these were primarily geared towards professional investors. BBIT, however, further opens up to ordinary investors, allowing them to gain BTC investment exposure through traditional securities accounts under the Swiss fund regulatory framework. Why was BIT able to launch this ETF first? This is actually backed by an acquisition two years ago. In 2024, Matrixport, the predecessor of BIT (@BITofficial_CN), acquired the Swiss Crypto Finance (Asset Management) AG. This company, formerly part of the Deutsche Börse Group's Crypto Finance Group, possessed FINMA regulatory qualifications and had prior experience in crypto asset fund management. Following the acquisition, this institution gradually became an important platform for BIT to conduct regulated asset management business in Europe. Now, with BBIT's approval, this acquisition has yielded new results. Unlike simply providing cryptocurrency trading services, launching an ETF requires capabilities in multiple areas, including fund management, independent custody, compliant operation, and traditional securities market channels. From acquiring a licensed asset management firm in Switzerland to launching the country's first spot BTC ETF, BIT is extending its existing digital asset service capabilities into the traditional financial market.