LISTED
CHF
sECONDARY MARKET
OPEN END

FiCAS Dynamic Crypto ETP

BTCD trades up to 15 selected digital assets as defined by the SIX Swiss Exchange in USD, CHF, and EUR with the aim of generating an absolute return and ultimately increasing the net asset value (NAV) of the ETP in the medium to long term. The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance.
ISIN
CH1295937705
KID
Base Prospectus
Factsheet
Cumulative Return
___.__%
Return since 1 month
__.__%
Return YTD
__.__%
Performance
Total
3M
YTD
1Y
Risk Metrics
BTCD
standard deviation
__%
maximum drawdown
__%
S&P 500
standard deviation
__%
standard deviation
__%
Historical Monthly Performance
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YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2023                  9.003.4914.8929.60
20240.6917.9310.33-21.323.22-3.63  1.88-11.748.794.0855.21-8.4348.38
20253.80-24.55-10.093.845.97-4.0915.96-5.49-0.57-9.83-16.10-9.34-44.36
2026-10.67-15.094.67-20.62
Objective
The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance. Bitcoin dominance dictates the asset allocation between Bitcoin and altcoins, with a primary focus on Bitcoin and shifts to altcoins led by favorable Bitcoin dominance trends.
TradingView's Market Cap BTC Dominance Index serves as a key metric for Bitcoin dominance trend analysis. The investment style is discretionary and there is no leverage.
LISTING
SIX Swiss Exchange
MANAGEMENT FEE
2%
NAV — MARCH 31, 2026
CHF 8.47
ASSET MANAGER
FiCAS AG
ISSUER
Bitcoin Capital AG
ISSUE DATE
20.10.2023
ISSUE PRICE
CHF 10.00
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
CH1295937705
Ticker
BTCD
FiCAS Expert  Team Market Commentary
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Market Review
Bitcoin’s modest 1.8% gain in March snapped a five-month run of negative returns, but the move read more as a stabilisation than a decisive momentum shift.
Ether rose 7% over the same period. Markets remained under the shadow of renewed Middle East tensions, and with oil sustaining above $100, inflation expectations became a renewed headwind for risk assets, including crypto.
‍
Positioning stayed cautious. Funding rates across the majors remained mostly negative, signalling that traders were still willing to pay to hold short exposure. Open interest across large caps was broadly flat, indicating limited new risk-taking and relatively balanced positioning through the month. Spot Bitcoin ETF activity also cooled, with March volumes described as the lowest since the start of 2026.Leadership was narrow. The only sector delivering clear positive performance was Artificial Intelligence, led by TAO with a roughly 70% gain, followed by FET and RNDR.
Policy signals strengthened. Jamie Dimon argued stablecoin issuers should be regulated like banks, while firms moved to build the rails: Western Union and Crossmint launched the USDPT stablecoin on Solana, and Wells Fargo filed the WFUSD trademark. Tokenized assets passed $25 billion, Kazakhstan’s central bank signaled a $350 million allocation to crypto-related assets, and regulators provided clarity, with the SEC and CFTC saying most digital assets are not securities.
Outlook
The Iran conflict remains the single dominant macro catalyst for crypto into April. The initial six-week estimate points to mid-month as the first meaningful inflection point, but markets are already treating the oil channel as the key transmission mechanism. With crude holding above $100, inflation expectations can re-tighten financial conditions and keep risk assets capped even if crypto-specific fundamentals are stable.
From a policy perspective, the market-structure path is still blocked. The CLARITY Act remains stalled in the Senate Banking Committee, with the stablecoin yield question as the main fault line and traditional banks pushing back due to deposit outflow risk. Senate Majority Leader John Thune has indicated the bill is unlikely to move before April 2026, which leaves regulatory clarity as a Q2 story at best rather than an immediate tailwind.
‍
Two crypto-native themes are worth tracking. First, OP_NET’s “SlowFi” launch on Bitcoin mainnet aims to enable native smart contracts and DeFi-style utility on Layer 1 without bridges. It could broaden Bitcoin’s on-chain use cases, but the market will likely wait for clear adoption before repricing the story. Second, the post-quantum debate is resurfacing as new research brings timelines forward and highlights potential attack vectors. This is not a near-term alarm, but it increases the premium on credible post-quantum roadmaps and coordinated upgrades across major networks. 

Other Information

Factsheet
Structure
Exchange Traded Product (ETP)
Minimum Subscription
1 unit
Management Fee
2%
Performance Fee
20%
High Watermark
Yes; 19.71 CHF
Administrator
Bitcoin Capital AG
Liquidity
Daily
Domicile
Switzerland
Executing Broker
Coinbase, AMINA Bank
Custodian
Coinbase, AMINA Bank
Stock Exchange
SIX Swiss Exchange
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

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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
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