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.
Cumulative Return
___.__%
Return since 1 month
__.__%
Return YTD
__.__%
Performance
Risk Metrics
BTCD
standard deviation
__%
maximum drawdown
__%
S&P 500
standard deviation
__%
standard deviation
__%
Historical Monthly Performance
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
20253.80-24.55-10.093.845.97-4.0915.96-5.49-0.57-19.03
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 — SEPTEMBER 30, 2025  
CHF 15.57
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
Market Review
Bitcoin closed September up 5.37%, while Ether fell 5.6%.
After a firm start, crypto markets showed fatigue in a seasonally weak month, with the final week eroding much of the month-to-date gains. Mid-September saw ETH, SOL, and large-cap memecoins outperform Bitcoin after macroeconomic data pointed to a strong chance of a cut, and the FOMC delivered a 25-basis-point cut, in line with expectations and the first cut since December 2024.

A significant deleveraging on 20 September culminated on 22 September with total liquidations up 380% to $632 million in 24 hours; the 4-hour long-to-short liquidation ratio hit 96% to 4%, one of the most lopsided readings recently, and about $6.3 billion was liquidated over the week, leaving leverage materially lower. Seasonality added a headwind, with September typically challenging for both crypto and U.S. equities, while a gold breakout and renewed demand for inflation hedges lent support to Bitcoin.
Fundamentals were mixed but active. Stablecoins on Ethereum mainnet reached a record $149 billion in market cap; Bitcoin hashrate hit a new high; and ETH validator queues flipped, with entries exceeding exits amid rising staking demand. SOL remained a notable outperformer, aided by Forward Industries’ $1.65 billion private placement led by Galaxy, Jump, and Multicoin; WLD and AVAX launched DATs. On policy and market structure: the SEC proposed an “innovation exemption” to fast-track crypto products; nine European banks, including ING, formed a euro-stablecoin consortium; Tether announced USAT to comply with the GENIUS Act; FTX prepared $1.6 billion in repayments; the stablecoin market cap neared $300B as TradFi and DeFi converged; and the race among perp DEXs intensified. Meanwhile, soft U.S. labor data and weaker PMI/ISM prints kept macro uncertainty elevated, and U.S. spot Bitcoin and Ether ETFs saw mixed flows with activity broadly in line with recent quarters.
Outlook
An increasingly accommodative backdrop sets the stage for a stronger October, often called “Uptober.” The unemployment rate rose to 4.3%, a near four-year high, and markets are now pricing a higher probability of a third Fed cut this year. Lower policy rates could draw a meaningful share of the 7.4 trillion dollars parked in money market funds back into risk, supporting renewed momentum across digital assets.

Breadth should improve if the United States proceeds with generic listings of altcoin ETFs, widening access beyond Bitcoin and Ether. Seasonality is a tailwind: Bitcoin has posted gains in October in each of the past six years and in nine of the past ten, and September’s result has historically had little bearing on October performance.
A major technical upgrade adds to the constructive setup. The forthcoming hard fork is slated to double blob capacity, introduce Peer Data Availability Sampling, lift the block gas limit to 150 million, implement Verkle Trees, and enhance EVM performance. These changes target higher throughput and better data availability, which can catalyze on-chain activity and bolster the case for an “Uptober” rally.

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

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

Have a question?

We’ll be happy to provide you with more details and get back to you shortly.

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