BIT Hosts Swiss First Spot Bitcoin ETF (BBIT) Warm-up Reception in Hong Kong; BIT Founding Partner Cynthia Wu: Compliance and Security of Assets Are Just as Important as the Assets Themselves

BIT and AMINA Hong Kong co-hosted a pre-launch reception for Switzerland's first spot Bitcoin ETF, the Bitcoin Fund ETF (ticker: BBIT), on November 2 at The Upper House in Hong Kong. Cynthia Wu, Founding Partner and Chief Commercial Officer of BIT, delivered remarks and invited partners to witness this milestone for BIT.

BBIT is managed by BIT Asset Management AG, a wholly-owned Swiss subsidiary of BIT. It was approved by FINMA on October 20 and is expected to begin trading on SIX in November. Cynthia stated that this is not only the only domestically registered and fully regulated spot Bitcoin ETF currently available in Switzerland and Europe—enabling Swiss institutions, family offices, and retail investors to conveniently invest in a locally listed product and enjoy tax advantages—but also a significant regulatory achievement for BIT. Cynthia noted: "FINMA's approval both validates our deep understanding of the Swiss regulatory environment and represents a crucial step for us as a pioneer in digital asset management in Switzerland and globally."

1. BBIT's Full-Chain "Swiss Made": Five Years of Cultivation, Eighteen Months of Application Culminating in Approval

Cynthia introduced at the event that BBIT was completed entirely in Switzerland—from registration and management to custody and listing: Swiss registration, managed by BIT Asset Management AG, custodied by Swiss licensed bank AMINA, and listed on SIX, Switzerland's largest stock exchange. The issuance of BBIT followed an eighteen-month ETF application process, building on BIT's five-year track record operating CMI, Switzerland's first crypto composite index fund. She pointed out that when investors place Bitcoin into a regulated product, three things matter most: jurisdiction, product structure, and investment channel.

2. BIT Offers Global Investors a More Neutral Choice

"IBIT is large and liquid, backed by one of the world's largest asset managers. But IBIT is a U.S. product, registered in the U.S. and regulated under U.S. law." Cynthia stated that the market is increasingly focused on the geographic concentration risk of Bitcoin holdings and whether this risk could ultimately undermine Bitcoin's decentralization and network security.

For institutions, family offices, and long-term holders in Europe, Asia, and the Middle East, considerations such as risk diversification, trading hours, convenience, and taxation may mean they do not necessarily wish to hold products from a single jurisdiction only. BBIT is a FINMA-approved Swiss collective investment scheme, with assets held in segregated cold storage at a Swiss bank, fully segregated from the manager's assets. The Swiss collective investment regime it operates under has long been trusted by cross-border capital precisely because it does not belong to any single major power.

Cynthia stated, "In an era where investors increasingly care about where assets are stored and which country's laws govern them, neutrality is no longer merely a preference—it is a tangible advantage. BBIT was born precisely for this."

3. BIT Is Committed to Building a True ETF, Not an ETP

Cynthia pointed out that the European and Swiss markets already have numerous Bitcoin products, but nearly all are exchange-traded products (ETPs), which are essentially debt instruments issued by private issuers. Investors hold claims against the issuer, with credit quality no better than that of the issuer itself; even if the product is physically backed, once the issuer goes bankrupt, investors can only queue up with other creditors for repayment.

BBIT, by contrast, is a Swiss investment fund: Bitcoin is held separately from the asset manager, and investors hold fund units whose assets are exclusively segregated for them. The structure contains no derivatives and involves no lending. "For investors who have used existing European ETPs and wish to obtain something closer to a traditional fund structure with clearer asset segregation, a truly properly regulated product has finally arrived."

4. Supporting In-Kind Subscriptions: Bringing Bitcoin into Bank Accounts

BBIT supports not only cash transactions but also in-kind subscriptions by large Bitcoin holders. Cynthia believes this is a tangible breakthrough for investors who already hold Bitcoin: miners, family offices, corporations, and long-term holders can inject spot Bitcoin directly into the fund in exchange for fund units on a 1:1 basis, without first selling Bitcoin on the market, converting to cash, and then buying the ETF.

"Holders can place some or all of their Bitcoin under institutionalized management, and the conversion process introduces no new counterparty risk. Bitcoin can thus be placed into bank or brokerage accounts for unified management, just like other financial assets."

5. Where Assets Are Located and What Rules Govern Them Matters as Much as the Assets Themselves

Cynthia concluded that BBIT does not seek to be all things to all people; its value is clear: a Swiss-regulated, physically backed Bitcoin ETF that is more neutral in jurisdiction than existing products, more robust in structure than existing European ETPs, and genuinely serves large Bitcoin holders through in-kind subscriptions.

"We built BBIT this way because we believe that where assets are stored and what rules govern them are becoming as important as the assets themselves."

About BIT

BIT (formerly Matrixport) was founded in 2019 and is a leading global digital asset financial services group. Headquartered in Singapore, the group has offices in seven countries and regions worldwide, connecting traditional finance with digital asset markets through robust governance systems, technical capabilities, and compliant operations.

BIT provides comprehensive digital asset services to global institutions and professional investors, covering trading, custody, asset management, liquidity, and financing services, and supports the on-chain introduction and application of real-world assets (RWA). Its entities hold relevant licenses and are supervised by local regulators in Singapore, Hong Kong, Switzerland, the United Kingdom, the United States, and Bhutan, including the Major Payment Institution (MPI) license in Singapore and the collective asset management license issued by FINMA in Switzerland.

The group currently manages over US$6 billion in assets, with monthly trading volume exceeding US$7 billion, cumulative interest paid to clients exceeding US$2 billion, and a valuation of over US$1 billion. It has been listed on the 2024 Hurun Global Unicorns Index and the 2025 Singapore Fintech Unicorns List.

Disclaimer

This content is for reference only and does not constitute investment advice, an investment offer, or an invitation to purchase any financial product, nor does it constitute a public offering or promotion of BBIT fund units in any jurisdiction. The information contained herein should not be regarded as a recommendation of any particular investment strategy or product. Bitcoin prices are highly volatile, investment involves risk, and past performance does not guarantee future returns.