LISTED

CHF

sECONDARY MARKET

OPEN END

15 FiCAS Active Crypto ETP

The product BTCA trades up to 15 selected digital assets as defined by SIX Swiss Exchange and USD / CHF and EUR with the objective to increase the net asset value (NAV) of the ETP over the medium to long term. BTCA is a long-only strategy that aims to outperform Bitcoin over time, rather than a specific benchmark of the 15 selected assets. The investment style is discretionary, and no leverage trading is used.

ISIN

CH0548689600

KID

Base Prospectus

Factsheet

Cumulative Return

___.__^%

Return since 1 month

__.__^%

Return YTD

__.__^%

Performance

Risk Metrics

btca

standard deviation

__%

maximum drawdown

__%

Bitcoin

standard deviation

__%

maximum drawdown

__%

Historical Monthly Performance

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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2020							14.28	-3.83	-6.42	16.80	17.48	-7.17	31.00
2021	22.17	40.13	27.02	32.08	-26.36	-17.71	1.21	10.31	-5.64	24.26	-5.48	-22.01	67.95
2022	-15.98	-9.76	-0.61	-10.16	-17.23	-37.71	19.41	-4.11	-2.17	6.43	-14.57	-6.69	-66.82
2023	31.46	2.79	18.82	0.18	-6.00	10.41	-6.69	-10.12	7.54	25.55	3.86	15.23	126.24
2024	0.76	26.34	12.93	-18.89	5.16	-4.97	1.27	-11.77	7.35	7.67	69.79	-12.43	78.93
2025	4.64	-26.55	-10.43	2.65	11.37								-21.30

Objective

The objective of the 15 FiCAS Active Crypto ETP is to increase the net asset value (NAV) of the product in the medium to long term by trading bitcoins against 15 selected altcoins (as defined by the SIX Swiss Exchange) and exiting in fiat when this is the best option.

To attain its stated objective, FiCAS employs a discretionary investment approach, abstaining from leverage utilization and exclusively engaging in long positions. FiCAS selects and manages investments in Altcoins and Bitcoin based on a series of key indicators and parameters.

LISTING

SIX Swiss Exchange, Wiener Börse, Börse Stuttgart

MANAGEMENT FEE

2^%

NAV — MAY 31, 2025

CHF 232.52

ASSET MANAGER

FiCAS AG

ISSUER

Bitcoin Capital AG

ISSUE DATE

15.07.2020

ISSUE PRICE

CHF 100.00

BASE CURRENCY

CHF

Basket Allocation

The investment product allows retail, professional and institutional investors in Switzerland, Liechtenstein and in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Malta, Netherlands, Spain, and Sweden to invest in digital assets through their bank or broker, just as they would buy traditional equities in a regulated environment.

ISIN

CH0548689600

Ticker

BTCA

FiCAS Expert Team Market Commentary

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Market Review

May marked a decisive month for digital assets, with Bitcoin reclaiming the $100,000 level and setting a new all-time high at $111.6K, closing the month with an 11% gain.

Ethereum outperformed, rising 40.8% to $2,526, its strongest monthly return since November 2024. Institutional momentum continued to build, as Charles Schwab announced plans to offer spot crypto trading within 12 months. Morgan Stanley confirmed its crypto rollout via E*Trade, and Goldman Sachs re-entered the space by targeting tokenized treasuries and expanding into lending.

On the regulatory front, the GENIUS Act, a comprehensive U.S. stablecoin bill, is expected to clear the Senate. Stablecoins are now the third-largest holders of U.S. short-term securities. BlackRock’s iShares Bitcoin Trust recorded consecutive weeks of inflows, surpassing gold ETFs in cumulative demand.
‍
Adoption trends accelerated further. Arizona established a Strategic Bitcoin Reserve Fund, and Texas expanded its state-level Bitcoin reserve efforts. At the corporate level, MicroStrategy, Trump Media, GameStop, and Strive collectively allocated over $5 billion into Bitcoin for their treasury strategies, reinforcing BTC’s position as a balance sheet reserve asset.

Outlook

June has historically been a soft month for Bitcoin, with an average return of - 0.35%. This trend may continue as markets await the Federal Reserve’s interest rate decision on June 18. Consensus suggests no rate cut, with the benchmark likely to remain at 4.50 percent, maintaining a cautious environment for risk assets.

Stablecoin regulation and adoption will remain key themes. Momentum continues around new legislation in the United States, and stablecoins are gaining importance as institutional tools, especially within the short-term securities market. At the same time, corporate bond issuance is rising, alongside a growing trend of companies allocating capital to Bitcoin treasuries.
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Bitcoin’s supply on exchanges has declined sharply, from over 3.1 million in 2020 to 1.2 million today, even as the number of trading venues has increased. This sustained decline may set the stage for a new supply shock in the second half of 2025, particularly if institutional demand remains strong.

Other Information

Factsheet

Structure

Exchange Traded Product (ETP)

Minimum Subscription

1 unit

Management Fee

Performance Fee

20%

High Watermark

Yes; 283.62 CHF

Administrator

Bitcoin Capital AG

Liquidity

Daily

Domicile

Switzerland

Executing Broker

Coinbase, AMINA Bank

Custodian

Coinbase, AMINA Bank

Stock Exchange

SIX Swiss Exchange, Stuttgart Exchange, Wiener Boerse

Calculation Agent

Vinter (Invierno AB)

Financial Market Authority

FMA Liechtenstein

Paying Agent

InCore Bank AG

Market Maker

Flow Traders B. V.

Authorized Participant

Flow Traders B. V.

How it works

No matter if you are familiar with crypto or not, you can successfully and safely start investing in crypto in a few easy steps

Talk to Our Team Watch Video

Enter ISIN number

Search for a specific FiCAS ETI or ETP by using its ISIN, ticker symbol or name on your bank or broker platform.

Step 1

Order details

Select the number of ETP shares you wish to purchase and specify the order type (market order, limit order, stop loss, etc.)

Step 2

Review and confirm

Review your order to ensure accuracy and confirm the trade.

Step 3

Track your asset performance

After the ETI or ETP order is executed, you can track the investment's performance through your bank or brokerage account.

Step 4

Talk to Our Team Watch Video

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Performance

Risk Metrics

SIX Swiss Exchange, Wiener Börse, Börse Stuttgart

2%

CHF 232.52

FiCAS AG

Bitcoin Capital AG

15.07.2020

CHF 100.00

CHF

Basket Allocation

Other Information

How it works

Enter ISIN number

Order details

Review and confirm

Track your asset performance

Stay in the loop

2^%