Trading volume in crypto products on the SIX Swiss Exchange reached around CHF 6 billion in 2025, on par with the previous year. But behind the stable headline figure lies a notable shift: for the first time, altcoins accounted for a larger share of turnover than Bitcoin.
Bitcoin represented 32 percent of trading volume in 2025. Solana followed at 25 percent, XRP at 15 percent, and Ethereum at 13 percent. Index products contributed 8 percent, with other underlyings also at 8 percent. Roughly two-thirds of total turnover came from non-Bitcoin products, according to the SIX Crypto Trading Report 2025 published by SIX. In 2024, Bitcoin still dominated with 51 percent of volume.
Solana and XRP overtake Ethereum
The most striking development concerns Ethereum. As the second-largest crypto asset by market capitalization, it fell to fourth place in trading volume on the SIX, behind Solana and XRP. Both altcoins surpassed Ethereum by a wide margin. Notably, the most traded individual product on the SIX in 2025 was not a Bitcoin ETP either, but the 21Shares Solana Staking ETP (ASOL). It generated turnover of CHF 870 million across 28,669 trades. Also, the 21Shares XRP ETP (AXRP) posted a substantial CHF 440 million across 20,266 trades.
For comparison: the leading Bitcoin product, WisdomTree Physical Bitcoin (BTCW), reached CHF 336 million across 13,786 trades. Meanwhile, the largest Ethereum product, the 21Shares Ethereum Staking ETP (AETH), came in at CHF 205 million.
BlackRock enters the Swiss market
Among the key developments in 2025 was the entry of BlackRock. The world's largest asset manager listed its iShares Bitcoin ETP in CHF on the SIX on August 14, 2025. This product is fully backed by Bitcoin held in cold storage at Coinbase Custody.
Beyond BlackRock, additional issuers joined the SIX. Valour Digital Securities launched products on Internet Computer and Hedera in July 2025. Leverage Shares followed in November 2025 with triple-leveraged long and short ETPs on Bitcoin and Ethereum. By the end of 2025, the offering comprised over 450 crypto products from more than 20 issuers.
21Shares dominates, Netherlands closing in
Among issuers, 21Shares remains the clear leader. The Swiss company generated turnover of over CHF 2.6 billion on the SIX in 2025, more than the next four competitors combined. WisdomTree followed with around CHF 600 million in turnover, while CoinShares reached CHF 550 million. Leonteq came in at around CHF 200 million, and Bank Vontobel at around CHF 150 million. As a result, 21Shares holds over 40 percent of total crypto turnover.
The SIX has long been an international trading venue for crypto products. Swiss participants rank first with 37 percent of turnover. Yet the Netherlands follows closely at 34 percent. In addition, the United Kingdom contributes 15 percent and Ireland 10 percent. Germany accounts for just 1 percent, which is understandable given the competing offering on the Deutsche Boerse.
In terms of trading volume by currency, the US dollar dominates at 78 percent. CHF-denominated products make up 16 percent, while euro products account for 5 percent. This clear dollar dominance reflects the global orientation of investors active on the SIX.
