FINMA greenlights Switzerland’s first spot $BTC ETF, leaving one big mystery: the ticker

Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), announced the approval on Tuesday, October 20 of the country’s first spot Bitcoin exchange-traded fund for retail investors, providing direct exposure to $BTC. FINMA classified the product as an alternative investment fund and granted an exemption from standard risk-diversification requirements, allowing it to invest solely in Bitcoin.

The approval cited a “growing interest” in cryptocurrency investments, particularly Bitcoin, and said the exemption reflected $BTC’s “long trading history and a particularly high trading volume” compared with other digital assets. Multiple providers have submitted or announced Bitcoin ETF applications, but FINMA has not disclosed the issuer, ticker or launch date.

Switzerland was the first jurisdiction to approve cryptocurrency exchange-traded products (ETPs). Before the exemption, regulations preventing ETFs from holding a single asset meant single-crypto funds were listed under the ETP designation. Separately, SIX Swiss Exchange announced in August 2025 that iShares would begin trading a Bitcoin ETP fully backed by $BTC held in cold storage by Coinbase Custody International Limited.

Despite the diversification exemption, FINMA said supervised institutions must address custody and operational risks. The regulator also emphasized that Bitcoin investments carry market risks, including the possibility of invested capital losing a significant amount of its value, and highlighted the high volatility of cryptocurrencies.

FINMA first authorized a cryptocurrency investment fund for qualified investors in September 2021, with the fund investing primarily in a basket of cryptocurrencies. In 2023, the Swiss city of Lugano adopted Bitcoin and Tether USDt (USDT) payments for all municipal fees, making it one of the world’s first city administrations to do so. Separately in the United States, BlackRock recently filed for another Bitcoin ETF, proposing a separate investment product.