Switzerland approves first spot Bitcoin ETF for retail investors, waiving diversification rules

The Swiss Financial Market Supervisory Authority (FINMA) approved the country's first spot Bitcoin ETF for retail investors, waiving its own diversification rules. BIT Asset Management plans to list the fund under ticker BBIT on SIX Swiss Exchange in November. FINMA justified the exemption by citing Bitcoin's long trading history and high volume, noting the product offers investors access to Bitcoin through an ordinary Swiss bank account with independent custody. The decision marks a shift from FINMA's 2021 crypto basket fund limited to qualified investors. FINMA warned investments in Bitcoin remain highly risky, with investors potentially losing a significant share of capital.