Switzerland has approved its first retail-accessible spot Bitcoin ETF. FINMA says the fund will hold $BTC directly and operate under Swiss investment-fund rules as an "other fund for alternative investments," a category carrying specific risks. The regulator granted an exemption from standard diversification requirements, citing Bitcoin's long trading history and high trading volume. It also requires supervised institutions to address custody and operational risks and give investors clear disclosures about volatility and potential losses. This is distinct from Bitcoin exchange-traded products already available in Switzerland. #FINMA says other providers have submitted or announced ETF applications, but its release does not name this fund's issuer or specify a launch date.