The price of bitcoin and that of an ETP tracking it overlap almost perfectly. But in a guide published on 16 October 2026 for French savers, Journal du Coin points out that everything changes as soon as you look at who owns what and what you pay each year. Its tax section concerns France and does not carry over to Switzerland; the mechanisms, however, apply to anyone wondering how to buy bitcoin in Switzerland: directly on a platform, or as a listed security through their bank or broker.

Direct bitcoin or listed security: who owns what

When buying directly, you purchase BTC on a centralised exchange, then either leave them there or transfer them to your own wallet, known as non-custodial. In that case, only the holder has the “private key” that authorises spending the tokens. Left on the platform, they remain in your name, but in its custody.

An ETP (Exchange Traded Product) is a listed security whose price tracks the price of bitcoin. Because it cannot diversify, which European rules require of ETFs, it is often a debt security issued by a dedicated company. So-called “physical” products actually hold the corresponding bitcoins, entrusted to a professional custodian. The example given is the Amundi Bitcoin ETP, listed on Euronext Paris since 24 April 2026, whose bitcoins are held by CACEIS Bank Luxembourg, a subsidiary of Crédit Agricole.

With a bitcoin ETP, the investor therefore owns no bitcoin at all, but a claim on the issuer. They can neither withdraw real BTC, which is reserved for “authorised participants”, nor pay with it: their only exit is selling the security on the stock exchange.

Fees: an entry cost versus annual charges

When buying directly, you pay mainly when buying and selling: the platform’s commission and the spread between the buying and selling price. According to Journal du Coin, the bill ranges from about 0.1% on a standard order book to 1.5% or more with “simplified” buy buttons, plus any network fees. Holding the tokens then costs nothing.

With an ETP, brokerage fees are often modest, but the issuer deducts management fees every year, taken out of the product’s price. In Europe, they range from 0.05% to 0.25% a year for the cheapest ETPs and climb to 1%, or even 2%, for some older products, according to the source. The Amundi Bitcoin ETP charges 0.25% a year, with no entry or exit fees.

The guide illustrates the effect of time with €5,000 invested and a price assumed to stay flat, purchase and sale included:

  • direct at 0.1% per transaction: €10, whatever the holding period;
  • direct at 1.5% per transaction (card purchase): €150;
  • ETP at 0.25% a year and €1 brokerage per order: €14.50 over 1 year, €64.50 over 5 years, €127 over 10 years;
  • ETP at 0.05% a year and €5 brokerage per order: €4.50 over 1 year, €27 over 10 years.

The source highlights the limits of this exercise (resale on the same terms, unchanged price), but concludes that the holding period, the product and the purchase method make a big difference.

Custody and counterparty risk

Neither option protects against volatility: bitcoin has already lost more than 50% of its value on several occasions, the guide points out, and an ETP falls just as much. The difference lies in custody.

On a platform, the main risk is the failure of the intermediary; the collapse of FTX in 2022 showed that client funds can remain frozen for years. By holding your bitcoins yourself, you take on other risks: losing your recovery phrase (12 or 24 words) means losing your bitcoins. On custody provided by banks, see also our article on Deutsche Bank.

With an ETP, custody is entrusted to a specialised custodian that stores the keys offline. Several risks remain, according to the source:

  • issuer risk: you hold a claim, and recovering the value of the bitcoins pledged as collateral can take time if the issuer runs into difficulties;
  • liquidity risk: in a full-blown panic, the spread between the buying and selling price can widen;
  • the time gap: bitcoin trades 24 hours a day, while the stock exchange closes in the evening and at weekends, and the security can open sharply lower after a turbulent weekend;
  • tracking difference: fees and the product’s mechanics can cause the ETP’s performance to diverge slightly from that of bitcoin.

What remains to be checked for an investor in Switzerland

The entire tax section of the guide concerns France and has no direct equivalent in Switzerland. In principle, bitcoins held directly and ETP units alike are part of the wealth that must be declared. The declaration and valuation procedures are a matter for your canton’s tax administration, and our source does not detail them: that is where you should seek information.

On the ETP side, you have to choose among several issuers; the source cites Amundi, Bitwise, 21Shares, BlackRock and VanEck. Another point it raises: in an estate, a securities account is recorded by the bank, whereas bitcoins kept in a personal wallet, with no instructions left to relatives, risk disappearing. According to the guide, there is no right choice in absolute terms. This article does not constitute investment advice.

Sources

  • Journal du Coin: “Bitcoin directly or via an ETP in a securities account: which to choose?”