Deals & Cases

Homburger advised Amun AG in the dual listing of crypto-linked Exchange Traded Products on the BX Swiss

On November 13, 2019 and November 14, 2019, respectively, Amun AG (Amun), a Zug-based special purpose issuance vehicle of the fintech group Amun, successfully dual-listed several of its USD-denominated Exchange Traded Products (ETPs) on the BX Swiss. These products (Tickers: ABTC, AETH, AXRP, ABCH, ABNB and AXTZ) are linked to the performance of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Binance Coin (BNB) or Tezos (XTZ), as applicable. On BX Swiss, the USD-denominated products will be quoted in Swiss Francs (CHF) – specifically allowing Swiss retail investors to invest and trade in CHF. Each product is fully collateralized by the respective underlying, which is stored with an independent custodian (Kingdom Trust or Coinbase, as applicable). These ETPs are the first ETPs listed on BX Swiss’ new Exchange Traded Products segment and the first dual-listed ETPs in Switzerland.

Homburger advised Amun with respect to all aspects of Swiss law. The Homburger team was led by partners Benjamin Leisinger (Capital Markets, Financing and Investment Products) and Daniel Haeberli (Capital Markets, Technology and Digital Economy) and comprised counsel Eduard De Zordi, associate Urs Meier and paralegal Ganna Schneuwly (all Financing and Investment Products).