Switzerland’s first spot ETF (exchange-traded fund) designed to hold Bitcoin directly is expected to begin trading on the SIX Swiss Exchange in November under the codename BBIT, although the exact launch date has not been announced. The fund received approval from FINMA (Swiss financial regulator) on October 20. Unlike the usual Swiss requirement that investment funds diversify risk across assets, FINMA allowed BBIT to direct all invested money toward Bitcoin, citing Bitcoin’s long transaction history and high market capitalization. While Europe already has several products tracking Bitcoin’s price, many are structured as debt instruments issued by financial institutions rather than direct investment funds. BBIT’s Bitcoin holdings will be segregated from the fund manager’s assets, a structure intended to provide different legal protection if the manager encounters financial difficulties. SIX said foreign banks and brokerage firms can access the ETF directly or through an existing trader if they satisfy regulatory and technical requirements. The exchange includes around 90 banks and brokerage firms from Switzerland and other countries. BBIT is approved for public offering only in Switzerland, and whether foreign institutions can offer it to clients will depend on the laws of their operating countries. FINMA said other companies have filed crypto ETF applications, but approval for Bitcoin does not automatically extend to Ether or Solana funds. This is not investment advice.