BTC.X$IREN Ltd(IREN)$  $MARA Holdings(MARA)$ 

Historic first in Switzerland today. FINMA has approved a genuine Bitcoin ETF for retail investors, the first time it has ever done so. Unlike the ETPs currently common in Europe, which are debt securities, this one is a true public investment fund where the Bitcoins are held as legally protected segregated assets. It is not yet known which asset manager will launch the ETF.

JPMorgan's long-term market report, "Long-Term Capital Market Assumptions 2027," has included Bitcoin in its long-term projections for the first time. In their base-case scenario, analysts anticipate an average annual return of 10 percent over the next 10 to 15 years. That would put Bitcoin well ahead of traditional assets like large-cap U.S. stocks, projected at 7.5%, and gold at 5.5%.

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