Swiss retail investors have so far reached bitcoin through exchange-traded products or direct holdings, while crypto funds were limited to qualified investors since 2021. Now the regulator has approved the first Swiss-law retail fund that invests directly in Bitcoin, structured as an exchange-traded "other fund for alternative investments" with a specific risk.

Because of Bitcoin's long trading history and high trading volume, FINMA granted the fund an exemption from the usual risk diversification rules. In return, supervised institutions must mitigate operational and custody risks under guidance published in January 2026, and fund documents must clearly explain the risks.

FINMA says other fund providers have already submitted or announced applications for their own Bitcoin ETFs.

The regulator stressed that Bitcoin remains highly risky even inside an approved ETF. Sellers must follow FinSA conduct rules, including explicit warnings about volatility and possible losses, plus suitability checks for clients.