Bitwise Bitcoin ETP launch on SIX Swiss Exchange

The Swiss entry and market context

The SIX Swiss Exchange provides the primary venue for Bitwise’s latest Bitcoin ETP. This development follows the listing of a Bitcoin Cash ETP by Amun AG on the same platform. Amun AG, a Zurich-based fintech company, launched the Bitcoin Cash product to provide exposure to the asset. This product is fully collateralized, denominated in US dollars, and carries an annual investor fee of 2.5%. This fee covers custody, insurance, and re-balancing costs. Roger Ver seeded the product with 25,000 BCH, which had a value exceeding $10 million. Switzerland maintains a lead in crypto finance, particularly in the canton of Zug. The local administration in Zug creates a welcoming environment for the industry, unlike more restrictive jurisdictions. The SIX Swiss Exchange also hosts the SIX Digital Exchange (SDX), which uses distributed ledger technology. Transactions on the SDX complete in less than a second, whereas legacy processes on the old platform can take several days to finish. While ETPs and ETFs share technical similarities, they remain legally distinct products on the SIX Swiss Exchange. ETPs function as collateralized, noninterest-earning bearer debt securities that replicate an underlying asset.

Bitwise product suite

Bitwise Asset Management handles more than $10 billion in client assets. The company provides a range of professional investment products. The Bitwise 10 Crypto Index ETP (BITW) tracks ten digital assets based on market capitalization and liquidity. This index includes Bitcoin, Ether, Solana, and XRP. The fund rebalances its holdings on a monthly basis. In December 2025, Bitwise filed to convert the Bitwise 10 Crypto Index Fund into the Bitwise 10 Crypto Index ETF. This conversion includes a name change and modifications to the management fee calculation. The fund trades on the NYSE Arca and holds approximately $1.25 billion in assets. Previously, the fund traded over-the-counter, but it now functions as an exchange-traded product. The Bitwise Bitcoin ETF (BITB) follows a passive management strategy. For investors seeking directional exposure through futures, the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) provides a specific design. This fund uses an "optimum roll" strategy to minimize the impact of contango. By selecting contracts with the lowest level of contango or the highest level of backwardation, the fund attempts to maximize long-term returns. BNY Mellon acts as the custodian for BITC, and Foreside Fund Services, LLC serves as the distributor.

Market efficiency and institutional use

The SEC approved in-kind creation and redemption for the Bitwise Bitcoin ETF (BITB) and the Bitwise Ethereum ETF (ETHW). This approval allows authorized participants to deliver or receive bitcoin or ether in exchange for fund shares. Before this change, these large institutions had to exchange U.S. dollars for shares. This mechanism allows for tighter bid-ask spreads and provides new tax efficiencies. The SEC’s approval for in-kind creation and redemption allows authorized participants to deliver or receive bitcoin or ether in exchange for shares, a change that could contribute to tighter bid-ask spreads and reduce tax exposure for large institutional investors. These operational changes bring crypto ETPs onto the same structural foundation as traditional-asset ETFs. Matt Hougan, the Chief Investment Officer at Bitwise, stated that in-kind creation is one of the final structural pieces that spot crypto ETPs need to reach their full potential as a mainstream investment. Teddy Fusaro, the President at Bitwise, said this approval brings crypto ETPs onto the same foundation that institutions trust most. Most financial advisors favor the ETF format for crypto exposure, with one Bitwise and VettaFi survey finding 68% of advisors prefer them. Institutional interest remains steady, as most interviewed professionals maintain crypto allocations between 1% and 2% of investable assets. None of the institutions interviewed by Bitwise reduced their crypto allocations during the market drawdown between Q4 2025 and Q2 2026. You should evaluate the difference between a spot-based ETF like BITB and a futures-based strategy like BITC before selecting a product.

Technical specifications and risk factors

Bitwise Bitcoin ETPs provide a professional entry point for those wanting regulated exposure in the Swiss market. The Bitwise Bitcoin ETF and Ethereum ETF are not investment companies registered under the Investment Company Act of 1940. Consequently, shareholders of these funds do not have the protections associated with mutual funds or registered ETFs. The amount of bitcoin or ether in each share decreases over time to pay for management fees and litigation expenses. Investors face high volatility and the risk of total loss. The market for bitcoin and ether remains subject to periods of illiquidity. Regulatory changes from foreign governments could also affect these investments. The Bitwise 10 Crypto Index ETP (BITW) provides access to a diversified basket of ten digital assets. This basket includes Bitcoin, Ether, Solana, and XRP. The fund rebalances its holdings every month to maintain its target weights. The Bitwise Bitcoin ETF (BITB) follows a passive strategy to track Bitcoin prices. The Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) uses a futures-based approach to minimize the impact of contango. Will the move toward in-kind redemption in the U.S. eventually force a similar regulatory shift in European markets?