Crypto assets have continued to gain importance over the past twelve months.
Alongside notable price movements, the ecosystem in Switzerland and the Principality of Liechtenstein has expanded with a growing number of providers.
The market is also attracting increased attention from institutional investors, according to a new study by the Lucerne University of Applied Sciences and Arts (HSLU).
By mid-2025, the total value of all crypto assets worldwide was around US$3.5 trillion.
In Switzerland and Liechtenstein, assets under management in indirect investment products such as funds or exchange-traded products rose to around CHF 15 billion by June 2025, representing an increase of about two-thirds within twelve months.
The growth reflects not only rising prices but also broader acceptance of crypto assets as a separate asset class, according to Prof. Dr Thomas Ankenbrand, lead researcher of the study.
The number of companies offering crypto-asset services in Switzerland and Liechtenstein grew from 359 to 407 over the same period, with more than 60 per cent based in the cantons of Zug and Zurich.
Institutional investors such as banks, family offices, and industrial companies appear to be increasingly active in the market.
Indicators such as larger trading volumes on weekdays and longer holding periods suggest growing institutional engagement, which could provide stability and credibility to the market.
The study also examined historical performance of investment portfolios.
Portfolios combining traditional assets, gold, and Bitcoin achieved the best risk-adjusted performance.
The results indicate that Bitcoin has functioned more as a complement to gold rather than a substitute.
However, the study notes that many portfolio optimisation approaches rely on historical data, highlighting the need for further analysis.
Tokenised assets are attracting interest from the financial sector.
In Switzerland, tokenised bonds and equities are already being issued and traded via regulated platforms.
CHF-based stablecoins have not yet gained traction, but tokenised balance sheet items such as treasury bonds could offer new applications.
Featured image credit: Edited by Fintech News Switzerland, based on image by Jakub Żerdzicki via Unsplash
