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
2026-10.67-15.09-24.16
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 — FEBRUARY 28, 2026
CHF 8.10
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
February extended the drawdown across digital assets.
Bitcoin fell 14.95%, closing around $67,000, while Ether dropped 19.8% to finish below $2,000, its lowest level since last May. With February’s close, the crypto market recorded a fifth consecutive negative month, reinforcing a bear-phase tone. Liquidity remained the central constraint, with price action dominated by leveraged positioning build-up and unwind cycles rather than a clear deterioration in spot or ETF flow momentum. Sentiment deteriorated sharply, with the Fear and Greed Index falling to 5, the lowest level in five years.
Leverage positioning became increasingly asymmetric. Deeply negative funding rates in ETH and SOL pointed to aggressive shorting of high-beta assets, while BTC funding remained comparatively neutral. Macro and geopolitics added pressure, as escalating Middle East tensions resurfaced early in the month and fed into broader risk-off conditions.
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Despite weak tape, market structure and institutional integration continued to advance. The CLARITY Act remained stalled, largely due to disagreements on stablecoin yields and whether issuers should be allowed to pay interest on dollar-pegged tokens. In Europe, Ripple secured a full EU e-money licence in Luxembourg, signaling a push toward deeper vertical integration into traditional finance. Tokenization narratives also progressed, with the NYSE exploring 24/7 trading, and BlackRock’s BUIDL fund integrated into UniswapX via Securitize. On adoption, ING enabled German clients to buy Bitcoin, Ether, and Solana directly, while Apollo invested in Morpho, highlighting continued institutional interest in on-chain credit markets even amid a broad market reset.
Outlook
Near term price action is likely to remain subdued. In the absence of a clear catalyst, the current technical backdrop is unlikely to attract the incremental capital required for a durable oversold rebound. With few immediate crypto native positives on the calendar, support and resistance levels are regaining primacy as the main reference points for positioning and risk management.
On fundamentals, DeFi is showing early signs of a business model pivot. Cash flows are increasingly being redirected inward to sustain core development and strengthen decentralisation, rather than being primarily emitted outward as incentives. Aave Labs’ proposal to transfer 100% of protocol revenue and intellectual property to the Aave DAO and a new Aave Foundation in exchange for committed long term funding is a clear example of this shift toward more explicit, institutional-style funding frameworks for protocol stewardship.
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On the Ethereum front, Vitalik Buterin has refined his framework for how Ethereum could intersect with AI, emphasising privacy, decentralisation, and governance over unchecked acceleration. The near term focus is pragmatic, including trust-minimised AI interactions, on-chain economic coordination between agents, and AI-assisted governance and market tooling. Finally, market attention remains on the potential next leg of US productisation, with investors watching for additional altcoin ETF filings and approvals, alongside trust to ETF conversions as the regulatory window evolves.

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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