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.

ISIN

CH0548689600

KID

Base Prospectus

Factsheet

Cumulative Return

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Return since 1 month

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Return YTD

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Performance

Risk Metrics

btca

standard deviation

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maximum drawdown

__%

Bitcoin

standard deviation

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maximum drawdown

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Historical Monthly Performance

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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2020							14.28	-3.83	-6.42	16.80	17.48	-7.17	31.00
2021	22.17	40.13	27.02	32.08	-26.36	-17.71	1.21	10.31	-5.64	24.26	-5.48	-22.01	67.95
2022	-15.98	-9.76	-0.61	-10.16	-17.23	-37.71	19.41	-4.11	-2.17	6.43	-14.57	-6.69	-66.82
2023	31.46	2.79	18.82	0.18	-6.00	10.41	-6.69	-10.12	7.54	25.55	3.86	15.23	126.24
2024	0.76	26.34	12.93	-18.89	5.16	-4.97	1.27	-11.77	7.35	7.67	69.79	-12.43	78.93
2025	4.64												4.64

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 - January 31st, 2025

CHF 309.18

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

The year kicked off with global markets watching Trump’s inauguration and the first set of executive orders.

Bitcoin surged to a new all-time high of $109K, while Solana and Ripple posted strong gains of 22% and 45%, fueled by expectations of U.S. spot ETFs under the new SEC leadership. Meanwhile, Ethereum underperformed, closing the month down 1%, extending its recent struggles. Despite anticipation, no immediate crypto-related executive orders post-inauguration triggered a market correction in early January. However, Bitcoin rebounded to new highs by mid-month before broader market sentiment turned cautious. The launch of DeepSeek, China’s AI competitor, along with the Fed’s hawkish stance, led to risk-off moves across equities and crypto.

January also marked the first anniversary of spot Bitcoin ETFs, which now hold 1.13 million BTC—an astonishing 262% increase from their initial $29.38 billion AUM. Institutional demand remains a key force, with Bitcoin wallets holding 100 to 1,000 BTC reaching a record 15,777. Notably, Norway’s sovereign wealth fund increased its Bitcoin exposure by 153% in 2024, signaling continued institutional confidence.
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Regulatory shifts were also in focus. South Korea announced plans to lift its ban on institutional crypto trading, while newly appointed crypto-friendly SEC Commissioner Mark Uyeda took office. According to Bank of America, U.S. banks are prepared to adopt cryptocurrency payments once regulatory clarity improves, aligning with the SEC’s new policy direction.

Finally, the month saw unexpected market action in Trump Memecoin and Melania, both experiencing sharp fluctuations, adding an element of speculation-driven excitement to the evolving digital asset landscape.

Outlook

As the most volatile month for Bitcoin and crypto assets historically, February brings several market-moving uncertainties. The potential impact of Trump’s tariff policy and the effectiveness of the D.O.G.E. (Department of Government Efficiency) initiative remain key unknowns. Market speculation over these policies’ inflationary effects could drive short-term FUD, but clearer insights will emerge in the next 100 days. Meanwhile, Elon Musk is reportedly exploring blockchain solutions to improve U.S. federal spending transparency and accountability, a move that could strengthen crypto’s role in government innovation.

Trump’s “America First” policy signals that U.S.-based crypto assets are likely front-runners for the next wave of SEC-approved spot ETFs. Notably, XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot, and even Dogecoin are among the top contenders. CME’s website hints at upcoming XRP and SOL futures, while new ETF filings for Chainlink, Cardano, and Polkadot reinforce institutional demand. This aligns with a recent S&P Global Crisil Coalition Greenwich report showing that 40% of fund managers—many overseeing portfolios above $100 million—are now interested in trading 10 or more altcoins, highlighting a major shift in risk appetite toward diversified crypto investments.
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Ethereum faces increasing scrutiny over its governance structure, with critics citing inefficiencies in decision-making and value creation. Despite technological advancements, the network struggles to maintain a competitive edge as rival ecosystems gain momentum. With major institutional players seeking greater transparency and scalability, Ethereum’s governance challenges could become a focal point in 2025.