The figures accompanying this ChainCatcher post are: Bitcoin $BTC , current price 81583.61 USDT, down 1.34% in 24 hours. Switzerland’s financial market regulator FINMA has approved the country’s first Bitcoin ETF aimed at retail investors. It is classified as an “Other Alternative Investment Fund” and carries a special risk warning. The issuer has not been disclosed. Media reports have pointed to BIT Asset Management; when asked, FINMA neither denied this nor named the issuer. What I’m stuck on is this: approval doesn’t mean money has already flowed in. The fund invests entirely in Bitcoin, and still needs an exemption from the diversification rules. The only justification given was Bitcoin’s long trading history and extremely high trading volume; no subscription amount was provided. Custody must comply with the regulatory notice dated January 12, 2026, to guard against operational and custody risks. If a client goes bankrupt, their crypto assets are not included in the bankruptcy estate. On the day the approval came through, the price was still falling.
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