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Zurich – November 13, 2020 – Bitcoin Cash, the fifth largest cryptocurrency, is expected to hard fork on November 15th, 2020. The upcoming fork is the third fork of Bitcoin Cash, which divides the current chain into two parts: BCHN and BCH ABC. While both implementations agree on a new mining algorithm, supporters of BCH ABC want a portion of the block reward (around 8%) to be distributed to the developer team, which undoubtedly causes similar development efforts to be centralized. to other projects.
21Shares AG, the pioneer of the Swiss ETP issuer, has listed the first and only Bitcoin Cash ETP (ABCH – CH0475552201) on the SIX Swiss Exchange in July 2019 as part of its mission to provide investors with the widest selection of cryptocurrency ETPs to implement any digital asset portfolio strategy. Furthermore, the two ETPs index 21 Shares Bitwise 10 Select ETP (KEYS – CH0475986318) and 21Shares Crypto Basket ETP (HODL – CH0445689208), which consist of the top 10 and top 5 cryptocurrencies by market capitalization respectively, also hold Bitcoin Cash in the basket as an underlying asset and will, therefore, be affected by the upcoming hard fork. ABCH and HODL are also listed on the regulated segment of SIX, BX Swiss Exchange and Boerse Stuttgart.
What is a hard fork?
A hard fork, as it relates to blockchain technology, is a significant change to the rules of the digital asset behind a blockchain. At the precise moment of the hard fork, the blockchain splits into two separate blockchains: one that follows the old rules and one that follows the new rules. Depending on the support of miners and the wider community, either of the two new (forked) blockchains could become extinct (if no miner supports it) or both forked blockchains could continue to grow with different miners and support communities. A prime example of this would be the creation of Bitcoin Cash initially, which was itself a hard fork of Bitcoin.
In response to news of the module impacting 3 of its eleven ETPs, 21Shares AG has implemented its fork policy. After the fork, the issuer will include BCHN in the products as, based on the prevailing sentiment, the industry expects it to be the dominant post-fork chain and will be supported by the relevant ETP custodians. From 12 Novemberth, 2020, prior to the start of the fork, 21Shares AG ceased all activities on the primary market of BCH. Once it is established that the update is stable, the creation and redemption mechanisms will be resumed. In the event that the less dominant chain (presumably BCH ABC) gains traction and 21Shares AG has access to any BCH ABC at its custodians within 60 days of the fork date, it will sell any distributed BCH ABC token and transfer any value achieved to the holders of the ‘ABCH ETP in the registrar at the close of business in Switzerland on 13 Novemberth 2020.
The communications to the aforementioned exchanges were filed accordingly by the issuer.
About 21Shares
21Shares makes investing in cryptocurrencies as easy as buying stocks using your conventional broker or bank. Investors can invest in cryptocurrencies using a conventional ETP (or tracker) structure easily, with total confidence and security, affordably thanks to the 21Shares suite of ETPs launched by 21Shares and now comprised of 11 Crypto ETPs: the 21Shares Crypto Basket Index ETP ( HODL: SW), 21Shares Bitcoin (ABTC: SW), 21Shares Ethereum (AETH: SW), 21Shares XRP (AXRP: SW), 21Shares Bitcoin Cash ETP (ABCH: SW), 21Shares Binance ETP (ABNB: SW), 21Shares Tezos ETP (AXTZ: SW), 21shares Bitcoin Suisse ETP (ABBA: SW), 21Shares Bitwise 10 ETP (KEYS: SW), Sygnum Platform Winners Index ETP (MOON: SW) and 21Shares Short Bitcoin ETP (SBTC: SW). The entire suite is listed on a regulated framework on the official markets of Deutsche Boerse, SIX Swiss Exchange, BX Swiss and some on Boerse Stuttgart in CHF, USD, GBP and EUR respectively. Founded in 2018, 21Shares is led by a team of talented serial entrepreneurs and banking professionals with expertise in the tech and financial world. Formed in Zug, with offices in Zurich, Berlin and New York, the company launched several world firsts, including the first listed crypto index (HODL) in November 2018. 21Shares has 11 crypto ETPs listed today and has over $ 133 million in AuM in total of the listed products.
Press contact
Laurent Kssis +41 44 260 86 60 [email protected]
Disclaimer
This document and the information contained herein is not for distribution in or (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction where distribution or release would be illegal. This document does not constitute an offer to sell securities in or in the United States, Canada, Australia or Japan. This document does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States without of registration or an exemption applicable to, or in a transaction not subject to the registration requirements of the Securities Act. There will be no public offering of securities in the United States. This document is distributed and is directed only to: (i) professionals investments that fall under Section 19 (5) of the Financial Services and Markets Act 2000 (Financial Services and Markets Act 2000 Promotion) Order 2005 (the “Order”); or (ii) high net worth entities and other persons to whom it may be legally disclosed, who fall under Article 49, paragraph 2, letters a) to d), of the Order (all these persons together are referred to as “relevant persons “); or (iv) persons who fall under Section 43 (2) of the Order, including existing members and creditors of the Company or (v) any other person to whom this document may be legally distributed in circumstances where section 21 (1 ) of the FSMA does not apply. The Securities are only available for, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged only with the relevant persons. Any person who is not a Relevant Person must not act or rely on this document or its contents. In any EEA member state (other than Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Spain and Sweden) that has implemented the Prospectus Regulation (EU ) 2017/1129, together with any implementing measures applicable in any Member State, the “Prospectus Regulation”) this communication is addressed to and is addressed exclusively to qualified investors in that Member State pursuant to the Prospectus Regulation. Exclusively for potential investors in Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Spain and Sweden, the Base Prospectus 2019 (EU) is available on the website of the Issuer below www.21Shares.com. The approval of the 2019 (EU) Base Prospectus should not be construed as an approval by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the 2019 (EU) Base Prospectus and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to buy a product that is not simple and may be difficult to understand. This document is not an offer to sell or a solicitation of an offer to purchase or subscribe for securities of 21Shares AG. Neither this document nor any element contained therein will form the basis of, or be relied upon in connection with, any offer or commitment in any jurisdiction. This document constitutes advertising within the meaning of the Swiss Financial Services Act (the “FinSA”) and not a prospectus. In accordance with Article 109 of the Swiss Financial Services Ordinance, the Base Prospectus dated 13 November 2019, as supplemented from time to time (the “Base Prospectus”) and the final terms for SBTC dated 22 January 2020 (the “Final Terms”, and together with the Base Prospectus, the “Prospectus”) were prepared in accordance with Articles 652a and 1156 of the Swiss Code of Obligations, as these articles were in force immediately prior to the entry into force of the FinSA and the Listing Rules of the SIX Swiss Exchange in their version in force from 1 January 2020. Consequently, the Prospectus has not been and will not be examined or approved by a Swiss auditor pursuant to Article 51 of the FinSA and is not compliant the disclosure requirements applicable to a prospectus approved by that auditor under the FinSA. Copies of the Prospectus are available free of charge on the website of the Issuer. Subject to applicable securities laws, the Base Prospectus and final terms of any product mentioned herein can be obtained from 21Shares AG on the website. Copies of this document may not be sent to any jurisdiction, nor distributed or sent from any jurisdiction where this is prohibited or prohibited by law. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction where such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. .
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