Crypto Assets Market in Switzerland and Lichtenstein Shows Remarkable Growth According To A Study By Hochschule Luzern (HSLU)

A new study by the Lucerne University of Applied Sciences and Arts (HSLU) reveals a significant boom in the crypto assets market over the past year. The study, titled “Crypto Assets Study 2025,” highlights remarkable growth in both value and institutional acceptance, establishing crypto assets as a distinct asset class.

Here are the most important findings of the study:

Crypto Asset Market in Switzerland/Lichtenstein Grew Significantly

The global market capitalization for crypto assets reached a new all-time high of $3.5 trillion by mid-2025. This surge is not just due to rising asset prices but also to broader market acceptance. In Switzerland and Liechtenstein, the managed assets in crypto investment products, such as funds and exchange-traded products, grew to approximately 15 billion Swiss Francs, which is a two-thirds increase in just twelve months.

ADVERTISEMENTAccording to study leader and FinTech expert Professor Dr. Thomas Ankenbrand, crypto assets have “made the leap from a niche and are increasingly establishing themselves as a separate asset class.” This growth is also reflected in the expanding ecosystem of service providers.

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Zug: Switzerland´s Crypto Hub Is Growing

The number of companies offering crypto asset services in Switzerland and Liechtenstein has grown by over 13% in the last year, from 359 to 407. The Cantons of Zug and Zurich remain the leading hubs, hosting over 60% of these businesses. Liechtenstein and Geneva also emerged as key locations, with around 10% and 9% of the companies, respectively.

ADVERTISEMENT## Institutional Investors Join the Fray

The study provides evidence of growing engagement from professional investors like banks, family offices, and corporations. While direct data on these participants is scarce, the study observes patterns such as larger trading volumes on weekdays and longer holding periods, which are indicative of institutional involvement. This increased interest could bring stability and credibility to the market.

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Bitcoin Is a Complement, Not a Replacement for Gold

The study also analyzed the historical performance of various investment portfolios. It found that portfolios containing both Bitcoin and Gold, alongside traditional assets like stocks and bonds, achieved the best risk-adjusted performance. This finding challenges the narrative that “Bitcoin is the new gold,” suggesting instead that Bitcoin acts as a complementary asset rather than a substitute.

Innovation in Tokenized Assets

The financial sector is showing growing interest in tokenized assets. Switzerland has already seen the issuance and trading of tokenized bonds and equities on regulated platforms. While Swiss franc-based stablecoins have yet to gain traction, the study suggests that new use cases, such as the tokenization of bank-issued medium-term notes (Kassenobligationen), could unlock new opportunities.

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Conclusion

The crypto assets market has reached a new level of maturity and acceptance, moving from a niche interest to a significant player in the financial world. The latest study from the Lucerne University of Applied Sciences and Arts highlights this shift, pointing to record-breaking market capitalization, a burgeoning ecosystem of companies, and growing interest from institutional investors. While challenges and areas for further analysis remain, the study confirms that crypto assets are no longer a fringe phenomenon but a dynamic and evolving asset class with the potential to reshape traditional finance. The future looks bright for the Swiss and Liechtenstein crypto scene as it continues to lead the way in innovation and growth.

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