Deals & Cases

Homburger advised Amun AG in the issuance of new Ethereum (ETH)-linked Exchange Traded Products

On March 5, 2019, Amun AG (Amun), a Zug-based special purpose issuance vehicle of the fintech group Amun, successfully listed its third series of crypto-linked Exchange Traded Products (ETPs) on the SIX Swiss Exchange.

The underlying asset of this third series is Ethereum (ETH). The underlying assets are held by or on behalf of Amun through an independent custodian and serve as a reference for the value of the ETPs. They collateralize the respective series on a 1:1 basis. The ETH serving as collateral are purchased on the open market or in direct purchases from designated primary sources of liquidity, including reputable authorized exchanges.

With its three series of products issued so far (HODL, ABTC and AETH), Amun’s financial instruments now allow tracking the development of the top-five crypto currencies (i.e. the market) and the two most important crypto currencies (measured by market cap). This enables investors to gain exposure to this new asset class and its most important constituents without directly registering with a wallet provider or crypto exchange.

Homburger advised Amun with respect to all aspects of Swiss law. The Homburger team was led by partners Daniel Haeberli and Benjamin Leisinger (both Capital Markets) and comprised paralegal Ganna Goncharova (BFinancing and Investment Products).