Homburger advised Amun AG in the issuance of cryptocurrency-linked Exchange Traded Products
On November 13, 2018, Amun AG, a Zug-based special purpose issuance vehicle of the fintech group Amun, successfully registered its issuance program for the issuance of Exchange Traded Products on the SIX Swiss Exchange.
The underlying assets for any product issued under the program may be comprised of eligible cryptocurrencies such as Bitcoin (BTC), Ethereum Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM) and EOS (EOS) or indices of these cryptocurrencies.
Each product issued under the program has its own, specified pool of crypto assets serving as collateral. The crypto assets are purchased on the open market or in direct purchases from designated primary sources of liquidity, including reputable authorized exchange and held by or on behalf of Amun (through an independent custodian).
On November 20, 2018, Amun successfully issued its first Series of cryptocurrency-linked ETP (Ticker: HODL). These products are linked to the performance of the “Amun Crypto Basket Index (HODL5)”, an index that tracks the performance of the top 5 eligible cryptocurrencies. First trading day on the SIX Swiss Exchange was on November 22, 2018.
Homburger advised Amun with respect to all aspects of Swiss law. The Homburger team was led by partners Benjamin Leisinger and Daniel Haeberli (both Capital Markets) and comprised partner Stefan Oesterhelt (Tax), as well as associate Dorian Gasser (Banking and Finance) and paralegals Susanne Leisinger (Corporate / M&A) and Ganna Goncharova (Banking and Finance).