The Swiss Financial Market Supervisory Authority (Finma) has given the green light to the country's first bitcoin ETF, marking a significant milestone in the crypto investment landscape. The regulator announced the approval on Tuesday, describing the product as a Swiss retail fund categorized under «other funds for alternative investments» with notable risk.
While Finma did not disclose the fund's issuer, indications suggest it may be a product from BIT Asset Management, formerly Matrixport Asset Management. Neither the regulator nor the company has confirmed this, but Finma did not deny the name when asked by finews. Other fund providers have also submitted or announced applications for bitcoin ETFs, according to the statement.
This is not Finma's first foray into crypto funds. In 2021, it approved the «Crypto Market Index Fund» from Crypto Finance, which invests in a basket of cryptocurrencies but is limited to qualified investors. The new fund, however, focuses solely on bitcoin, requiring Finma to grant an exemption from its risk-diversification rules. The regulator justified this move by citing bitcoin's long trading history and exceptionally high trading volume.
Finma emphasized the need for safeguards against operational and custody risks, aligning with its supervisory notice from January 12, 2026. The watchdog also highlighted that the Financial Services Act (FinSA) offers investors more protection than buying cryptocurrencies directly, with clear risk warnings required in fund documents.
The regulator did not shy away from cautionary notes. Bitcoin remains a high-risk investment, even through an approved ETF, Finma stressed, warning of potential sharp price swings that could lead to significant capital loss. Providers must clearly display warnings about volatility and loss risks, ensuring appropriateness and suitability checks are conducted.
This approval comes after the U.S. allowed spot bitcoin ETFs in January 2024. The global heavyweight in this space is the bitcoin ETF from Blackrock, the iShares Bitcoin Trust, which launched in the U.S. on January 11th 2024 and currently manages assets worth some $65 billion.