BIT Asset Management Expects Swiss Bitcoin ETF to List in November

BIT Asset Management expects its Bitcoin Fund ETF (BBIT) to begin trading on SIX Swiss Exchange in November. The fund will hold Bitcoin (BTC) directly and will be offered to the public only in Switzerland. The Oct. 20 approval covered a fund investing directly in Bitcoin, but the Swiss Financial Market Supervisory Authority (FINMA) did not identify its issuer in the approval announcement. BBIT is structured as a Swiss collective investment scheme, with fund assets kept separate from those of its management company. FINMA placed it in the category of “other funds for alternative investments” with particular risk.