FINMA approves first Swiss-law retail Bitcoin ETF with diversification exemption

Swiss financial regulator FINMA approved the first retail Bitcoin exchange-traded fund under Swiss law, granting a fund-specific exemption from diversification requirements. The decision was justified by Bitcoin's long trading history and particularly high trading volume compared to other cryptocurrencies. The fund falls under Switzerland's category of alternative investment funds carrying particular risk, allowing concentrated exposure to Bitcoin while maintaining custody safeguards and sales duties under the Financial Services Act (FinSA).