A Swiss Welcome for Bitcoin: FINMA Approves the Country’s First Retail ETF

The Swiss Financial Market Supervisory Authority (FINMA) said on Tuesday that it approved Switzerland’s first Bitcoin ($BTC) exchange-traded fund (ETF), which invests directly in Bitcoin and is accessible to retail investors. The regulator did not disclose the issuer or specify a launch date.

Multiple providers have submitted or announced Bitcoin ETF applications, according to FINMA. The regulator’s Tuesday announcement cited a “growing interest” in cryptocurrency investments, particularly Bitcoin ($BTC).

FINMA granted the ETF an exemption from standard risk-diversification requirements, allowing it to hold only Bitcoin. The regulator cited Bitcoin’s “long trading history and a particularly high trading volume” compared with other digital assets. Switzerland was the first jurisdiction to approve cryptocurrency exchange-traded products (ETPs), while rules preventing ETFs from holding only a single asset had previously required such funds to use the ETP designation.

SIX Swiss Exchange announced in August 2025 that iShares would begin trading a Bitcoin exchange-traded product fully backed by BTC held in cold storage by Coinbase Custody International Limited.

In 2021, FINMA first authorized a fund for qualified investors that invests primarily in a basket of cryptocurrencies. The regulator said Bitcoin investments carry market risks, including “the possibility of the invested capital losing a significant amount of its value,” and cited the high volatility of cryptocurrencies. Switzerland is regarded as one of the most crypto-friendly European countries; in 2023, the Swiss city of Lugano adopted Bitcoin and Tether USDt ($USDT) payments for all municipal fees, one of the world’s first city administrations to do so.