Switzerland launches first Bitcoin ETF to compete with Asian crypto hubs

FINMA authorized the Bitcoin Fund ETF (BBIT) after granting a specific waiver on diversification requirements, marking the debut of a Swiss spot Bitcoin exchange-traded fund. BBIT will store Bitcoin in cold storage at an undisclosed Swiss bank and be listed on SIX Swiss Exchange in November, offering retail investors direct exposure without managing private keys. BIT Group, a Singapore-based firm, will manage the fund, highlighting the cross-border nature of the offering.

The launch is part of Switzerland’s strategy to preserve its status as a global wealth hub amid fierce competition from Hong Kong and Singapore, which together command trillions of dollars in offshore assets. Crypto Valley in Zug already hosts a dense network of blockchain firms, custodians such as Bitcoin Suisse, and foundations holding sizable crypto reserves, providing the infrastructure needed for the new product.