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
Show/Hide
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
20253.80-24.55-10.093.845.97-4.0915.96-13.83
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 — JULY 31, 2025  
CHF 16.57
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
July extended the bull market’s advance. Bitcoin set a new all-time high at  $123,000 and closed the month at $115,000.
Ethereum rallied 48 percent, its strongest monthly gain since July 2022, narrowing the performance gap with Bitcoin. Risk appetite broadened down the market cap spectrum as meme tokens rebounded, with PENGU and BONK among the notable movers in the top-100 crypto assets by market cap.
Stablecoin dynamics added depth to liquidity. Ethena’s ENA outperformed as its synthetic stablecoin USDe expanded by 75 percent to more than 9.5 billion in supply, becoming the third-largest stablecoin. Balance-sheet adoption also accelerated. Public companies continued to add Bitcoin and Ethereum to treasuries, with Bitcoin treasury holders acquiring a record 159,107 BTC in the second quarter. Together, these trends point to a market supported by improving on-chain liquidity, widening participation, and sustained institutional demand.

At its July meeting, the Fed held rates steady, as widely expected, but signalled it would keep policy restrictive until inflation makes more convincing progress.
Outlook
The next Fed decision arrives in September. Between now and then, jobs data and inflation prints will guide a Fed that is intent on protecting its dual mandate. Our base case is for policy to stay restrictive near term, with the door open to modest cuts later in Q4 if disinflation resumes. A pivot to easier policy would be a meaningful tailwind for altcoins and could extend the year-end rally, but the timing remains data dependent.
For the coming months, we see three catalysts shaping price action in higher-beta tokens: potential approval of additional single-name spot ETFs by the SEC; a high likelihood that staking is incorporated into ETF structures once rules are clarified; and a gradual rotation of institutional capital beyond Bitcoin and Ether as compliance rails mature. Stablecoin balances continue to build, providing dry powder for risk when conditions improve.
‍
The race to institutionalize crypto is accelerating. Major financial firms are piloting blockchain rails for money market funds, and post-GENIUS Act we expect large corporates and banks to revive stablecoin initiatives. Several big technology and banking names are already exploring issuance and settlement use cases. Together, these developments point to deeper market infrastructure and broader participation into year-end, while policy, liquidity, and headline risks warrant disciplined positioning.

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
Talk to Our TeamWatch Video
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