Bitcoin Capital has launched a regulated investment vehicle tracking the Solana meme coin BONK on Switzerland's SIX exchange. Traditional brokerage customers can now trade exposure to the BONK, a dog-themed token, without the need to manage crypto wallets or private keys.
This debut follows Grayscale's disappointing Dogecoin fund launch in U.S. markets earlier this week. First-day trading for the Grayscale fund reached just $1.4 million, falling short of analyst forecasts of $12 million, according to Bloomberg's Eric Balchunas.
Market Performance and Regulatory Environment
BONK gained approximately 5.8% on Thursday morning but remains 83% below its peak price from last November. Marcel Niederberger from Bitcoin Capital cited Switzerland's robust regulatory framework and established market infrastructure as key factors favoring the SIX listing venue.
European markets, and Swiss exchanges in particular, offer consistent oversight procedures for crypto products. Both institutional traders and retail accounts will be able to access this offering through their existing broker relationships.
Regulated investment products typically foster stronger investor confidence and contribute to higher trading liquidity. Currently, most capital flowing into Bitcoin Capital's existing product lineup originates from institutional sources rather than individual retail accounts.
Future Outlook and Meme Coin Landscape
Niederberger anticipates the introduction of additional BONK-linked products throughout 2026 as European infrastructure continues to mature. Growing demand for thematic digital assets is expected to support exchange-traded notes and structured instruments beyond basic tracking vehicles.
BONK initially arrived in December 2022 through community airdrops, positioning itself as Solana's populist dog coin. The token currently ranks seventh among memecoins by total value, trading around $0.0599 per unit.
The meme coin enthusiasm that dominated 2024 crypto narratives has cooled dramatically. Tokens that generated enormous returns 12 months ago are now trading significantly below their historical peaks.
For example, PEPE has fallen 83% from its December highs, FLOKI dropped 85% since its June maximums, and Solana's Dogwifhat has collapsed 92% from its March records.
Political meme coins have suffered the most severe declines. An unofficial Trump token, which used the president's name without verified affiliation, crashed 99.6% from its launch levels. The total market value of meme coins hit $39.4 billion on Friday, marking a 2025 low point, after erasing $5 billion in a single trading session.