Switzerland Approves First Spot Bitcoin ETF for Retail Investors: FINMA Grants Diversification Exemption
The Swiss Financial Market Supervisory Authority (FINMA) announced on October 20 that it has approved Switzerland's first spot Bitcoin exchange-traded fund for retail investors, allowing a Swiss investment fund to hold the cryptocurrency directly under the country's collective investment rules. FINMA said the fund belongs to the category of other funds for alternative investments with particular risks, and permitted it to concentrate its investments in Bitcoin despite the risk-spreading rules normally applied to investment funds, citing Bitcoin's comparatively long trading history and particularly high trading volume among cryptocurrencies. FINMA did not name the provider, the fee or a listing date, and said other fund providers have already filed or announced applications.
FINMA stressed that the decision does not mean the regulator considers Bitcoin a low-risk asset, and that even investors using an authorised ETF can lose a substantial amount of their capital because of large price swings. Supervised institutions must reduce operational and custody risks in line with supervisory guidance published on January 12, 2026, fund documents must clearly explain the risks without suggesting that regulated status protects investors against market losses, and at the point of sale financial institutions must comply with the Financial Services Act, including appropriate risk warnings and assessments of whether a product is appropriate or suitable for a customer.
Crypto-linked securities have traded on the SIX Swiss Exchange for years, although the exchange classifies its existing exchange-traded products, or ETPs, as debt securities rather than collective investment schemes. FINMA had previously approved a Swiss cryptocurrency fund in September 2021, but distribution of that fund was restricted to qualified investors rather than the general retail market. The October approval is the first to open a directly held Bitcoin fund structure to retail investors.
Source: GSM · USA (original Chinese edition)
Photo: Zurich 金融区 Bahnhofstrasse 街景，Dietmar Rabich 摄，CC BY-SA 4.0（Wikimedia Commons）
