Bitwise Diaman
Bitcoin & Gold ETP
BTCG
TICKER
ISIN

Optimised Inflation Hedge
with Risk Management

  • NAV daily change –
  • NAV YTD change –
  • NAV since inception –

Investment Objective

The Bitwise Diaman Bitcoin & Gold ETP (BTCG) replicates the Diaman Bitcoin & Gold Index, after fees and expenses. The strategy merges the enduring and historical reliability of gold to protect purchasing power over time, with Bitcoin’s rising prominence as a store of value and driver of performance.

A Smart, Dynamic Allocation Strategy

Issued in Germany, BTCG is an institutional-grade ETP fully backed by gold and Bitcoin, securely held in professional custody. The ETP is designed to preserve purchasing power while leveraging Bitcoin's volatility through active allocation. The strategy capitalizes on cyclical trends and temporary asset depreciation to optimize performance. The ETP enables investors to confidently allocate to both physical and digital gold, offering diversification and low correlation to diversify and strengthen portfolios in a risk-managed framework.

Factsheet
TICKER
ISIN
KID Final Terms Prospectus EMT EET All Documents

Advantages of BTCG

Maintain Purchasing Power

Benefit from the combined characteristics of store of value, safe haven and uncorrelated performance engine of the two underlying assets.

Gold's Legacy, Bitcoin's Future

Combines the timeless stability of gold with the transformative potential of Bitcoin.

Simple and Reliable

Buy and sell like any stock or ETF through your regular securities account. No new account or crypto wallet needed.

Dynamic Allocation, Smarter Investment

An active strategy that rebalances monthly between gold and Bitcoin based on their respective Ulcer Index, aiming to capture price trends while controlling risk.

Advanced ETP Structure

Units of BTCG are 100% fully backed by PAX Gold and Bitcoin held in institutional-grade custody.

Tier 1 Regulatory Framework

Issued and domiciled in Germany, with German financial authority approved base prospectus.

Product Details

Key Information

Primary Ticker BTCG
ISIN DE000A4AKW34
WKN A4AKW3
TER 1.49% p.a.
Asset Class Digital Assets
Underlying Exposure Diaman Bitcoin & Gold Index
Strategy Dynamic, risk-managed
Replication method Physically allocated (100% fully backed)

Composition

Diaman Bitcoin & Gold Index Last updated/weightings as of

BTCG Assets under Management

Last updated:
Shares outstanding 1,000,000
Total ETP net assets market value (US$ million) 0.00

NAV

NAV (USD)
$ 0.00
NAV to previous day
0.00%  /  $ 0.00

The ETP's NAV U.S. dollar value is determined at 4.00 pm CET of each business day, and represents the value of one unit; it is calculated by using the relevant spot price of the underlying digital asset. The value is not necessarily the same as the ETP's intraday trading price. Investors should not expect to buy or sell the ETP at the determined NAV value.

Performance

Performance quoted represents past performance. Current performance may be lower or higher than average annual returns shown. NAV performance is displayed in base currency (USD), price performance is displayed in trading currency (e.g. EUR). Brokerage or transaction fees will apply. Past performance is no guarantee of future performance, and your invested capital may be at risk.

Bitcoin & Gold Portfolio Holdings

BTCG replicates the Diaman Bitcoin & Gold Index after fees and expenses.

Asset name Symbol Amount per ETP Total holdings Reference price (USD) Weighting
Pax GoldPax Gold PAXG 0.000000000 0.00 2,928.25 66.12%
BitcoinBitcoin BTC 0.000000000 0.00 88,558.52 33.88%
Last updated/weightings as of
Holdings are subject to change at monthly rebalancing. Weightings are subject to daily change due to movements in market capitalisation of the underlying digital assets.

Diaman Bitcoin & Gold Index

Diaman logo

About the index strategy

The Diaman Bitcoin & Gold Index combines gold’s historical reliability in preserving purchasing power with Bitcoin’s emerging role as a store of value, an inflation hedge, and a performance driver—often referred to as 'Digital Gold.'

The strategy follows a monthly rebalancing process, dynamically adjusting allocations between Bitcoin and gold based on their respective Ulcer Index values—a statistical risk metric developed by Peter Martin in 1987. Unlike traditional volatility measures, the Ulcer Index accounts for both drawdowns and recovery time, providing a more dynamic and trend-sensitive measure of risk.

While mathematically similar to volatility, the Ulcer Index measures deviations from prior peak prices, making it more effective in identifying trend shifts in historical price movements. This makes it a powerful tool for investors seeking a more precise, asymmetric understanding of risk beyond standard deviation.

By incorporating loss magnitude and recovery speed, the Ulcer Index allows for a more responsive, trend-following approach compared to traditional risk parity models. This methodology enables BCTG to construct a well-balanced portfolio that dynamically adapts to changing market conditions.

By capitalizing on cyclical trends and temporary asset depreciation, BTCG can serve as an effective, risk-managed component of a diversified long-term portfolio, particularly excelling in inflationary environments where traditional asset classes tend to underperform.

Cumulative Index Performance

Index Performance
(Periods)

1 month -3.79%
3 months 2.35%
6 months 11.96%
1 year 25.24%
3 years 42.43%
Since Feb 19, 2021 31.42%

Index Performance
(Years)

YTD 0.46%
2024 35.84%
2023 27.87%
2022 -18.54%

Index Documents

BTCG - Methodology BTCG - Benchmark Statement Index Page

Index Guide

Index Name Diaman Bitcoin & Gold Index
Index Provider Compass Financial Technologies
Index Bloomberg Ticker BTCG Index
Index Reuters Ticker .BTCG
Index Base Currency USD
Asset Class Digital Assets
Sub Asset Class Crypto Basket
Rebalancing Monthly
Calculation Frequency Daily
Index start date 30.01.2015

ETP Partner

Diaman Partners Logo

Diaman Partners is an Alternative Investment Fund Manager & UCITS Management Company authorised and regulated by the Malta Financial Services Authority that leverages advanced algorithms and human expertise. Founded 25 years ago, Diaman’s quantitative models and rigorous processes have consistently delivered tangible results. Diaman Partners is backed by Azimut, one of the leading independent asset managers in Europe.

To learn more, please visit www.diamanpartners.com.

Index Provider

Compass Logo

Compass is a leading Swiss-based independent index provider with offices in Paris and New York. Specializing in market benchmarks and investment strategies, it manages hundreds of indices linked to billions in investments. Diaman Partners collaborated with Compass to launch the Diaman Bitcoin & Gold Index.

To learn more, please visit www.compassft.com.

Frequenty Asked Questions

BTCG offers a strategic allocation to Bitcoin and gold, combining the best-performing asset of the last decade with a proven store of value. Designed for a broad range of investors, BTCG dynamically adjusts exposure between Bitcoin and gold based on market conditions, enhancing returns while managing risk.

Many investors remain cautious about Bitcoin’s volatility, potentially missing a key diversification opportunity. BTCG solves this by implementing a risk-managed approach, providing exposure to both digital and physical gold in a low-correlation, institutional-grade structure—helping investors strengthen portfolio resilience in uncertain economic environments.

Yes, BTCG is 100% fully backed by Bitcoin and Pax Gold (PAXG)—a digital asset fully collateralized by real gold held in LBMA-accredited vaults. Both BTC and PAXG digital assets are securely custodied with an institutional-grade provider to ensure maximum security and investor protection.

PAXG is issued by Paxos, a regulated trust company supervised by the New York State Department of Financial Services. For more details, visit www.paxos.com.

Pax Gold (PAXG) is a regulated digital asset representing physical gold, with each token backed by one fine troy ounce of gold stored in secure, LBMA-approved London vaults.

Unlike traditional gold investments, PAXG provides all the benefits of physical gold ownership while eliminating storage and transportation concerns. It offers the liquidity and efficiency of a digital asset, allowing investors to buy, sell, or trade gold like any other cryptocurrency. PAXG can even be redeemed for physical gold.

For further details, visit www.paxos.com.

All Bitcoin and PAXG holdings are securely custodied by Coinbase Custody, an institutional-grade, regulated digital asset custodian ensuring the highest level of security and regulatory compliance.

Directly managing and storing physical gold within an ETP structure can be operationally complex and costly. Instead, BTCG utilizes Pax Gold (PAXG)—a fully-backed, tokenized representation of real gold, ensuring:

- Efficient trading and liquidity: BTCG can be bought and sold instantly, like a stock.
- Lower costs: No need for physical storage or additional security measures.
- Enhanced transparency: Every PAXG token is backed by real gold, with ownership verifiable on the blockchain.

This approach provides authentic gold exposure while benefiting from the efficiency and accessibility of digital assets.

BTCG offers a dynamic, actively managed allocation strategy, shifting exposure between Bitcoin and gold based on market conditions to maximize returns and mitigate risk.

- Optimized for market cycles: BTCG increases Bitcoin exposure during upward trends and reallocates towards gold in downturns, reducing volatility.

- Monthly rebalancing with risk management: BTCG uses the Ulcer Index, a metric that evaluates drawdowns and recovery time, ensuring a more stable and strategic allocation.

- Hedge against inflation: Gold has historically preserved purchasing power, while Bitcoin is emerging as a digital inflation hedge. BTCG balances both assets to provide optimal inflation protection.

- Convenience and security: BTCG provides automated, institutional-grade exposure to both assets in a single, regulated product, with the underlying tokens securely custodied with Coinbase Custody.

This sophisticated strategy ensures that investors benefit from both growth potential and risk mitigation, all within a transparent, regulated investment vehicle.

Diaman Partners is a regulated Alternative Investment Fund Manager (AIFM) and UCITS Management Company, authorized by the Malta Financial Services Authority. With 25 years of experience, Diaman combines quantitative investment models with cutting-edge technology to deliver institutional-grade asset management solutions.
BTCG is publicly traded and available via major brokerage and trading platforms. Simply search for the ISIN number or ticker symbol on your preferred exchange and trade it like a traditional stock or ETF.

BTCG Trading Information

Trading Currency
Exchange
ISIN
WKN
Valoren
Ticker BBG
SEDOL
RIC
Euronext Paris
EUR
Ticker
Listing date:
ISIN DE000A4AKW34
WKN A4AKW3
Valoren –
BTCG FP
SEDOL BSRL3W4
RIC BTCAU.PA
Euronext Amsterdam
USD
Ticker
Listing date:
ISIN DE000A4AKW34
WKN A4AKW3
Valoren –
BTCAU NA
SEDOL BSRL3Q8
RIC BTCAU.AS

Buy and sell just like stocks or ETFs

Use the securities account you already have or select from a wide range of platforms.

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform (Our products are tradable at least on Xetra or other major primary listing exchanges).
  3. Set amount and review your order to ensure accuracy before confirming the trade.
Registered for sale
cz flag Česká Republika dk flag Danmark de flag Deutschland es flag España fr flag France hr flag Hrvatska ie flag Ireland it flag Italia lu flag Luxembourg mt flag Malta nl flag Nederland no flag Norge at flag Österreich pl flag Polska ch flag Schweiz fi flag Suomi se flag Sverige

Liquidity Ecosystem

Market Makers /
Authorised Participants (APs) detailed info
Flow Traders B.V.
Jane Street Financial Limited
XTX Markets SAS
Goldenberg Hehmeyer LLP
DRW Europe B.V.
Virtu Financial Ireland Ltd

Note: MM/AP services may vary by product

Product Details

Structure

Domicile Germany
Issue Date 04.02.2025
Primary Listing Exchange Euronext (Paris, Amsterdam)
Primary listing Date 06.03.2025
Legal Form Debt Security
Product Structure ETP (Exchange Traded Product)
Redemption by Investors* Yes
Creation & Redemption (APs) In-kind
Leverage 1:1 (No leverage)
Minimum Investment 1 unit
Expiry Date Open ended
Replication Method Physically allocated (100% fully backed)
Lending No
*Possible against the undelrying cryptocurrency or in cash in cases where redemption in cryptocurrency is not possible for regulatory reasons.

Key Service Providers

Issuer Bitwise Europe GmbH
Prospectus Competent Authority BaFin (Germany)
Custodian Coinbase Custody Trust Company
Security Trustee The Law Debenture Trust Corporation p.l.c.
Administrator Apex Corporate & Advisory Services Ltd
Registrar Clearstream Banking AG
Paying Agent & Fiscal Agent Quirin Privatbank AG

Underlying Price Reference

Underlying Price Reference Diaman Bitcoin & Gold Index
Bloomberg Ticker BTCG Index
Benchmark Provider Compass Financial Technologies
Price Reference Currency USD
NAV Valuation Method Daily NAV

Fees

Management Fee (TER) 1.49% p.a.
Performance Fee None
Entry/Exit Fees* None
*Your broker may charge commissions to buy and sell the ETP

Legal & Tax

Tax Treatment Germany Benefits apply to 1-year holding period
UCITS Compliant No
UCITS Eligible Eligible but not compliant with UCITS
SFDR Classification Contact us for more information
ISA Eligible Yes
SIPP Eligible Yes
* Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. Bitwise has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at europe@bitwiseinvestments.com.

Institutional Custody

Custodian logo

Bitwise only partners with leading providers of digital asset custody.


Coinbase Custody Trust Company was founded in 2018 and is a custodian for digital assets. The company offers a secure, institutional-grade offline storage solution.

Regulated & Certified

Coinbase Custody is an independent qualified custodian and is a fiduciary under New York state banking laws. Coinbase custody is also the first crypto custodian to be issued both the SOC 1 Type 2 and SOC 2 Type 2 reports.

Cold img Wallets

All ETP assets are kept in cold wallets. Cold wallets mean that the digital wallets are not connected to the internet. This protects the wallets from hacks, unauthorized access, and other vulnerabilities.

High img Security Standard

Coinbase Custody has developed its own first-class key generation protocol to generate cold storage addresses for custody wallets.

Insured img

Coinbase industry leading insurance policy protects both online and offline assets across all of Coinbase's products.

Risk Warnings

  1. Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  2. You can lose some or all of your investment.
  3. Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  4. Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  5. Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

Buy Bitwise Diaman Bitcoin & Gold ETP through your regular online broker or bank

Buy this ETP using your existing brokerage account, or choose from a variety of platforms:

Array flag USA
  • Česká Republika flag Česká Republika
  • Danmark flag Danmark
  • Deutschland flag Deutschland
  • Eesti flag Eesti
  • España flag España
  • France flag France
  • Hrvatska flag Hrvatska
  • Ireland flag Ireland
  • Italia flag Italia
  • Luxembourg flag Luxembourg
  • Malta flag Malta
  • Nederland flag Nederland
  • Norge flag Norge
  • Österreich flag Österreich
  • Polska flag Polska
  • Portugal flag Portugal
  • Schweiz flag Schweiz
  • Slovenija flag Slovenija
  • Slovensko flag Slovensko
  • Suomi flag Suomi
  • Sverige flag Sverige
  • USA flag USA
  • Ελλάδα flag Ελλάδα
  • Κύπρος flag Κύπρος
How to order the ETP in stock market trading:
  • Open your online securities account
  • Call up the order mask
  • Set amount
  • Enter order details using the ISIN or WKN
    of the desired product
  • Select trading platform (our ETPs are all tradable on at least Xetra)
  • Place the order
What to do if the ETP is not available to you?

Contact your online trading platform or your bank's customer service to request trading access to our products. Always include ISIN and ticker in your request. If you face any difficulties, send us an email with further information to europe@bitwiseinvestments.com. We are here to help and may contact your online trading platform or bank to help resolve the issue.

Risks Involved in Investing in ETPs

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors’ for further details of risks associated with an investment.

Redirection to external website

The website or web pages to which you are redirected are not owned by Bitwise. Bitwise therefore shall not be held liable for any information, data, details, explanations and representations (hereinafter referred to as "Information") provided on such websites, in particular not for damages that may result from the use of this Information for your own investment decisions. Price and performance data on the websites of Bitwise may differ from the price information on the websites of the respective online brokers or banks.

The information on the websites to which you are redirected is the sole responsibility of their providers. The offers you find on the providers' websites are expressly not directed at persons in countries that prohibit the provision or retrieval of the content posted therein. Each user is responsible for finding out about any restrictions before accessing the websites and complying with them.

By clicking the "Continue" button, you will be forwarded directly to the website or login or order screen of the selected provider. In the case of an order form, the following fields are usually preset: ISIN, buy/sell and exchange. It should be possible to change such fields at any time. We recommend to carefully check all the details in the securities order form before placing an order.