The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first retail investment fund that holds Bitcoin directly. Unlike previous crypto-related products, this is classified as an investment fund under Swiss law rather than a structured product.
FINMA granted an exemption from standard risk diversification rules for this fund. The regulator cited Bitcoin's extensive trading history and high volume compared to other digital assets as the primary justification for this decision.
Under current guidelines issued on January 12, 2026, Swiss custodian banks are generally required to hold the fund's Bitcoin. If a third-party custodian is used, it must provide equivalent oversight and bankruptcy protection to ensure assets remain separate from the custodian's estate.
Firms distributing the fund must comply with Swiss financial services laws, which mandate clear warnings regarding volatility and potential capital loss. Distributors are also required to verify that the product is suitable for the individual investor.
While FINMA has not disclosed the name of the fund or its issuer, it confirmed that other providers have submitted similar applications. This approval follows the 2021 authorization of the Crypto Market Index Fund, which was restricted to qualified investors.
