The Swiss Financial Market Supervisory Authority (FINMA) has approved the first Bitcoin ETF aimed at retail investors, but the issuer has not disclosed the details

The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first Bitcoin ETF aimed at retail investors. This product falls under "other alternative investment funds" according to Swiss law and is labeled as having special risks. FINMA did not disclose the issuer of the fund, but multiple media outlets have indicated that signs suggest it may come from BIT Asset Management (formerly Matrixport Asset Management), and FINMA did not deny this claim in response to inquiries. Additionally, several fund providers have submitted or announced plans to submit Bitcoin ETF applications.

The fund is a single-asset product, with all funds directed towards Bitcoin. To this end, FINMA needed to grant an exemption regarding its risk diversification rules, citing that Bitcoin has a long trading history and extremely high trading volume. In terms of asset custody, participating institutions must take measures to prevent operational and custody risks, with standards referenced from the regulatory announcement issued by FINMA on January 12, 2026, which requires that customer crypto assets are not included in bankruptcy assets in the event of the custodian's bankruptcy. Meanwhile, the sales process must comply with Fidleg's conduct rules to provide higher investor protection than direct purchases of cryptocurrencies, and the fund documents must clearly indicate the associated risks.

While approving the ETF, FINMA emphasized that even investing in Bitcoin through an approved ETF carries high risks, with severe volatility potentially leading to significant depreciation of the principal invested, and required the issuer to provide clear warnings about volatility and loss risks. The United States has approved Bitcoin spot ETFs starting January 2024, with BlackRock's iShares Bitcoin Trust launching on January 11, 2024, currently managing approximately $65 billion. The Swiss Exchange has been able to trade Bitcoin products for years, but they have existed in the form of ETPs and do not have fund status; this approved ETF is the first to incorporate Bitcoin into the approved public fund framework.