Deals & Cases

Homburger advised 21Shares AG on the listing of six new series of crypto-linked exchange traded products

On December 12, 2021, January 12, and January 20, 2022, respectively, 21Shares AG, a Zug-based special purpose issuance vehicle of the fintech group Amun for crypto-linked exchange traded products (ETPs), successfully issued and listed three new series of crypto-linked ETPs on the SIX Swiss Exchange. The first series, 21Shares Crypto Mid-Cap Index ETP (ALTS), tracks an index capturing the mid-cap portion of the crypto asset market. The second series, 21Shares Terra ETP (LUNA), is linked to Terra (LUNA), the cryptocurrency of the ecosystem Terra for fiat currency-pegged stablecoins designed to deliver a fast and affordable global payments system. The third series, 21Shares Cosmos ETP (ATOM), has Cosmos (ATOM) as an underlying, the cryptocurrency of the multi-chain blockchain that is designed to help data transfer from one blockchain to another. All of these ETPs are traded in the trading currencies USD, EUR and CHF.

Further, on February 1, 2022, 21Shares AG successfully issued and listed three new series of crypto-linked ETPs on the BX Swiss. The first series, the 21Shares Aave ETP (AAVE), tracks the cryptocurrency of Aave, the non-custodial liquidity protocol created to earn interest on deposits and to borrow crypto assets. The second series, the 21Shares Chainlink ETP (LINK), is linked to the performance of Chainlink (LINK), the cryptocurrency of Chainlink (LINK), the decentralized oracle network that connects smart contracts with off-chain data and services. The last series, the 21Shares Uniswap ETP (AUNI), is linked to Uniswap (UNI), the cryptocurrency of Uniswap, the currently largest decentralized exchange (DEX) for cryptocurrency trades that runs on the Ethereum blockchain.

Homburger acted as Swiss legal counsel to 21Shares AG. The Homburger team was led by partner Benjamin Leisinger and included associate Vanessa Isler and paralegal Ganna Schneuwly (all Capital Markets).