Swiss regulator approves first retail Bitcoin fund

Switzerland’s financial regulator has approved the country’s first Bitcoin fund for retail investors, allowing it to invest directly in Bitcoin while exempting it from ordinary diversification requirements. The Swiss Financial Market Supervisory Authority, known as FINMA, announced the approval on October 20, 2026. The fund is classified as an “other fund for alternative investments with particular risks,” a category that requires its documents to explain the risks clearly. FINMA cited Bitcoin’s long trading history and comparatively high trading volume as grounds for allowing the fund to concentrate on one asset. The approval creates a route for retail investors to gain Bitcoin exposure through a Swiss investment fund. It does not mean the regulator considers Bitcoin low risk. FINMA warned that investors could lose a significant part of their capital because of the cryptocurrency’s price volatility. FINMA said supervised institutions involved with the fund must address custody and operational risks. Sellers must comply with the Swiss Financial Services Act, including providing clear risk disclosures and conducting suitability or appropriateness assessments. The regulator’s...