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Swiss regulator FINMA approves the country’s first retail ETF that holds bitcoin directly
Summary
Switzerland’s Financial Market Supervisory Authority FINMA said on Tuesday it has, for the first time, approved an exchange-traded retail fund that invests directly in bitcoin, classed as an “other fund for alternative investments” with a specific risk under Swiss law.
FINMA said it granted an exemption from the usual risk-diversification rules because bitcoin has a long trading history and particularly high trading volume compared with other cryptocurrencies, and that other fund providers have also submitted or announced bitcoin ETF applications.
The regulator did not name the fund or its issuer; a FINMA spokesperson told The Block it does not provide institution-specific information.
FINMA stressed that bitcoin remains highly risky even through an approved ETF and that investors could lose a significant part of their capital.
Key facts
- FINMA said supervised institutions must mitigate operational and custody risks as set out in its Jan. 12, 2026 guidance, apply FinSA rules of conduct at the point of sale, and clearly explain the risks in fund documents.
- FINMA said it had already authorized a fund for qualified investors investing mainly in a basket of cryptocurrencies in 2021.
- The Block noted that SIX Swiss Exchange has listed bitcoin exchange-traded products for years, but that those ETPs are debt securities, whereas the new ETF falls under Swiss fund law.