UPDATE: FINMA clarifies direct Bitcoin approval is an alternative retail fund
CIE News ·
Update to FINMA approves Switzerland's first bitcoin ETF, CoinDesk reports
Based on reporting by Decrypt; not yet independently confirmed.
FINMA confirmed on October 20, 2026, that its newly approved retail Bitcoin fund is classified as an alternative investment fund rather than a standard ETF.
Switzerland's regulator approved the nation's first direct Bitcoin (BTC) retail fund classified as an "other fund for alternative investments" on October 20, 2026. As previously reported, the decision marks the jurisdiction's first approval of a direct retail Bitcoin vehicle, though the Swiss Financial Market Supervisory Authority (FINMA) designated the vehicle under alternative investment fund rules rather than as a standard ETF. FINMA granted an exemption from customary risk diversification mandates because of the asset's trading history and high volume compared with other cryptocurrencies.
The approval expands public access beyond the regulator's September 2021 authorization of the Crypto Market Index Fund, which was limited to qualified investors and held a multi-asset basket rather than solely BTC, according to Decrypt. FINMA's guidelines from January 12, 2026, require Swiss custodian banks to safeguard the fund's BTC or oversee third-party custodians with equivalent bankruptcy protections. The regulator did not publish the name of the approved fund, its issuer, or a launch date.
Key facts
- Alternative investment fund
- Approved October 20, 2026
- Retail diversification waived
- No launch date provided