Bitcoin Cash undergoes Hard Fork Swiss Exchange: HODL

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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]

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