Bitcoin · Bitcoin ETF · Decrypt
Swiss Regulator Approves First Retail Fund That Holds Bitcoin Directly
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The Swiss Financial Market Supervisory Authority, or FINMA, announced Tuesday that it approved the country's first retail fund that invests directly in Bitcoin.
Key facts
- BlackRock's IBIT, the largest of the 12 funds with $66.37 billion in net assets, took in $665.2 million on Monday and was the only one with net inflows
- Institutions supervised by FINMA have to cut operational and custody risks, per guidance the regulator published on Jan. 12, 2026
- U.S. spot Bitcoin ETFs, which track Bitcoin's price and trade like stocks on a brokerage app, were down about $615 million for October through Friday
- FINMA cleared a crypto fund back in September 2021, the Crypto Market Index Fund, but sales were restricted to qualified investors rather than the general public
Summary
Switzerland's financial regulator FINMA announced Oct. 20 that it approved the country's first retail exchange-traded fund that invests directly in Bitcoin. The fund received an exemption from risk diversification rules, which FINMA justified by Bitcoin's long trading history and high trading volume. FINMA did not name the fund or its issuer, and said other providers have submitted or announced applications for Bitcoin ETFs. It's an exchange-traded fund or ETF, so its shares trade on an exchange like any listed stock.