Swiss regulator FINMA approves first retail Bitcoin ETF holding Bitcoin directly

Switzerland's financial regulator FINMA approved on October 20 the country's first retail exchange-traded fund that invests directly in Bitcoin. The fund received an exemption from risk diversification rules due to Bitcoin's long trading history and high trading volume. FINMA did not name the fund or its issuer but noted other providers have submitted applications for Bitcoin ETFs. The approval marks a shift from funds restricted to qualified investors to retail-accessible products under Swiss fund law.