Switzerland’s FINMA Approves First Bitcoin ETF for Retail Investors; Issuer Not Disclosed

Switzerland’s Financial Market Supervisory Authority (FINMA) has officially approved the country’s first Bitcoin ETF for retail investors. Under Swiss law, the product is classified as an “other alternative investment fund” and carries a clear disclosure of special risks. Although FINMA has not publicly revealed the ETF’s issuer, multiple Swiss media outlets—including *Finanz und Wirtschaft* and *Bilanz*—have cited informed sources indicating that the issuer is highly likely to be BIT Asset Management (formerly Matrixport Asset Management); in response to related inquiries, FINMA declined to deny this speculation. Meanwhile, several other asset management firms have either already submitted Bitcoin ETF applications to FINMA or publicly announced plans to do so. As a single-asset ETF, the fund allocates 100% of its assets to Bitcoin—prompting FINMA to grant a specific exemption from its portfolio diversification requirements. This exemption is grounded in Bitcoin’s long-standing, mature secondary market trading history and its status as one of the most liquid assets globally. Regarding asset custody…