Switzerland's financial regulator FINMA announced on Tuesday, Oct. 20, that it approved the country's first retail exchange-traded fund investing directly in Bitcoin, classified as an alternative investment fund. FINMA waived the usual risk diversification rules, citing Bitcoin's long trading history and high trading volume compared with other cryptocurrencies. The regulator did not name the fund or its issuer and gave no launch date, though other providers have submitted or announced applications for Bitcoin ETFs. Under FINMA guidance, a Swiss custodian bank generally must hold the fund's Bitcoin, and sales must follow Swiss conduct rules, including warnings about volatility and the risk of losing money. Meanwhile, U.S. spot Bitcoin ETFs were down about $615 million for October through Friday, while BlackRock's IBIT was the only fund with net inflows on Monday, taking in $665.2 million.
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