Swiss franc rises 1% to session high 0.7974 vs US dollar

Swiss franc rises 1% to session high 0.7974 vs US dollar

The Swiss franc (CHF) gained 1% against the US dollar (USD) on September 2, 2025, reaching a session high of 0.7974 CHF/USD. The currency's appreciation can be attributed to several factors, including the latest developments in the cryptocurrency market and the financial performance of Swiss Life.

On Thursday, Mega Matrix, a publicly traded firm, filed a $2 billion shelf registration with the US Securities and Exchange Commission (SEC) to establish a treasury reserve focused on acquiring stablecoin governance tokens, including Ethena (ENA) [1]. The announcement led to a 10% decline in the price of ENA, despite the potential strategic benefits of Mega Matrix's plan. The company aims to use the capital raised through the offering to build positions in the Ethena ecosystem and other leading stablecoin governance tokens.

Meanwhile, Swiss Life, a leading Swiss insurer, reported its H1 2025 financial results. The company's net profit declined by nearly 5% to 602 million CHF, primarily due to higher tax expenses. However, the operating profit increased by 3% to 903 million CHF in local currency. Premiums rose by 5% to 12.1 billion CHF, and total commission income grew by 2% to 1.27 billion CHF. The company's CEO, Matthias Aellig, highlighted the strong performance of its third-party asset management business and its robust solvency ratio [2].

The Swiss franc's appreciation can be seen as a response to the latest developments in the cryptocurrency market, as well as the positive financial performance of Swiss Life. The currency's strength may also reflect investors' confidence in the Swiss economy and its ability to navigate global economic uncertainties.

References:
[1] https://www.fxstreet.com/cryptocurrencies/news/ethena-drops-10-following-mega-matrixs-2-billion-ena-treasury-plan-202509042137
[2] https://www.marketscreener.com/quote/stock/SWISS-LIFE-HOLDING-AG-9365007/news/Swiss-Life-H1-OP-up-slightly-51007026/