Switzerland's Financial Market Supervisory Authority, FINMA, approved the country's first spot bitcoin exchange-traded fund open to retail investors on October 20, according to Bitcoin.com News. Swiss investors have long had access to crypto exchange-traded products, but those are structured as debt securities. This one is a fund that holds bitcoin itself, filed under the category of other funds for alternative investments with special risk. FINMA's 2021 crypto fund was limited to qualified investors and held a basket of assets, so the new product changes both who can buy and what sits inside. The regulator also waived its standard diversification rules, citing bitcoin's long trading history and deep volume, and attached custody safeguards, transparency requirements, suitability assessments and disclosures about volatility and potential losses. Supervised institutions are also bound by custody guidance FINMA issued in January 2026. Much remains unannounced. FINMA has not named the issuer, the investment manager, the ticker, the listing venue, the fees or the launch date, so the approval is confirmed while the product itself is still a blank.