LISTED
CHF
sECONDARY MARKET
OPEN END

Coded Capital Crypto Champions ETP

Coded Capital Crypto Champions ETP (CCCC) employs a long-only investment strategy, focusing on meticulously researched crypto assets. The selection process is informed by macroeconomic analysis, the regulatory landscape for cryptocurrencies, protocol economics, and technical analysis. The Portfolio Manager has the discretion to actively manage the portfolio, adjusting asset allocations and weightings based on comprehensive analysis. This investment approach is purely discretionary and does not utilize leverage.
ISIN
CH1348112678
KID
Base Prospectus
Factsheet
Cumulative Return
___.__%
Return since 1 month
__.__%
Return YTD
__.__%
Performance
Total
3M
YTD
1Y
Risk Metrics
CCCC
standard deviation
__%
maximum drawdown
__%
CCi30
standard deviation
__%
standard deviation
__%
Historical Performance
and Track Record
The following data showcases the performance of the LTW Fund, a long-only growth strategy managed by Harlan Carere, Portfolio Manager of CCCC.
Since its inception, the LTW Fund has returned 254.7%, significantly outperforming its benchmark, the CCi30, by 132.3%. During the same period, the LTW Fund also outperformed Bitcoin, which returned 235.7%, by 21.1%.
Historical Monthly Performance
Show/Hide
YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2024-4.53-16.6811.306.1352.79-15.2721.63
20257.61-30.56-12.7919.225.15-18.29
Objective
The Product CCCC (Coded Capital Crypto Champions ETP) trades selected digital assets as defined by SIX Swiss Exchange and USD / CHF with the objective of increasing the Net Asset Value (NAV) of the ETP in the mid to long term.
CCCC is a long-only strategy with the goal of outperforming its Benchmark, the CCi30 Index.
LISTING
SIX Swiss Exchange
MANAGEMENT FEE
2%
NAV — MAY 31, 2025  
CHF 110.18
ASSET MANAGER
FiCAS AG
ISSUER
Bitcoin Capital AG
ISSUE DATE
30.07.2024
ISSUE PRICE
CHF 100
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
DE000A3G6MG4
FiCAS Expert  Team Market Commentary
Show/Hide
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.
‍
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
Legal Form
Exchange-Traded Product
Minimum Subscription
1 unit
Performance Fee
20%
High Watermark
Yes; 100 CHF
Secondary Market
1% bid-offer spread
Manager Type
Single Manager
Auditor
BDO AG, Liechtenstein
Liquidity
Daily
Paying Agent
InCore Bank AG
Executing Broker
Coinbase, Kraken, Crypto Broker
Depositary & Crypto Asset Storage Provider
Coinbase, AMINA Bank
Clearing Institution / Clearing Code
Issuance in Clearstream, available for settlement in Euroclear
Stock Exchange
Stuttgart Stock Exchange
Calculation Agent
Vinter (Invierno AB)
Domicile
Switzerland
Custody
Coinbase, AMINA Bank
Financial Market Authority
FMA Liechtenstein
Authorized Participant
Flowtraders

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