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.
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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YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2020      14.28-3.83-6.4216.8017.48-7.1731.00
2021 22.17 40.1327.02 32.08 -26.36 -17.71 1.2110.31-5.6424.26-5.48-22.0167.95
2022 -15.98-9.76 -0.61 -10.16 -17.23  -37.7119.41-4.11-2.176.43-14.57-6.69-66.82
202331.462.7918.820.18-6.0010.41-6.69-10.127.5425.553.8615.23126.24
20240.7626.3412.93-18.895.16-4.97 1.27 -11.777.357.6769.79-12.4378.93
20254.64-26.55-23.14
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 — FEBRUARY 28, 2025  
CHF 227.08
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
February remained true to its reputation as a volatile month, with Bitcoin dropping 17.39%.
Market uncertainty surrounding Trump’s tariff policies triggered early liquidations, pushing Bitcoin lower and sending altcoins back to September lows. Further pressure came from a higher-than-expected CPI print, sustained ETF outflows, and the $1.5 billion Bybit hack—the largest in crypto history. The redistribution of FTX holdings added to the selling momentum, deepening market fears. By month-end, sentiment hit extreme lows, with the Fear & Greed Index plunging to 10, a level last seen in the 2022 bear market.
During the month, the SEC dropped lawsuits against Ripple, Coinbase, and Uniswap, reducing regulatory pressure on the industry. Meanwhile, spot ETF filings surged, with Cardano, Polkadot, and Litecoin joining Ripple and Solana as leading candidates. Abu Dhabi’s Sovereign Wealth Fund’s $436 million investment in BlackRock’s Bitcoin ETF reinforced institutional confidence, signaling growing long-term acceptance of crypto assets.
Outlook
Following February’s market correction, March presents an opportunity for renewed momentum. Post-rally deleveraging cycles are common in crypto, and with key events now behind, the market could stabilize. The Federal Reserve’s FOMC meeting on March 19 will be a pivotal moment—while a rate cut remains unlikely, a small 25bps reduction is not entirely off the table. Market expectations will largely hinge on the Fed’s forward guidance, shaping sentiment for risk assets, including crypto.
Trump’s pro-crypto policies remain the primary growth catalyst. From the SEC’s evolving stance on crypto assets to ETF expansion and the administration’s focus on building a national strategic crypto reserve, U.S.-based blockchain projects stand to benefit. Once short-term headwinds subside, these policies could provide long-term structural support for the market.

Ethereum’s Pectra upgrade, set for release in March, introduces key UX and wallet security enhancements, aiming to improve user accessibility and network efficiency. As fundamentals strengthen and regulatory clarity improves, March could lay the groundwork for a more sustained uptrend.

Other Information

Factsheet
Structure
Exchange Traded Product (ETP)
Minimum Subscription
1 unit
Management Fee
2%
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

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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