Switzerlend AG C1 Shares SHA (LENDS: preferred shares of the lend.ch lending platform as Swiss ledger-based securities, locked in a drag-along contract)
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The verdict is on the memo: Switzerlend AG C1 Shares SHA (LENDS) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
Each token is one preferred C1 share of Switzerlend AG, issued as a ledger-based security and held in the drag-along contract.
“All Share Tokens are issued as preferred C1 shares with a nominal value of CHF 1.00 and which have the Liquidation Preferences as described in Section 2”
Switzerlend AG, Token Shareholder Agreement (TOKEN SHA) · Section A, Key terms (Share Token) · words found 2026-09-23
- Who may hold it
The issuer sells directly as a Swiss primary offering; no investor test, excluded country, or US exemption is named.
“Such offers constitute a primary offering by the issuer and are governed by the Financial Services Act in Switzerland, or equivalent laws for visitors of other countries.”
Switzerlend AG investor page · Terms of Use, Direct Investment · words found 2026-09-23
- First purchase minimum
The documents state no minimum; one token is one share.
Not stated in Switzerlend AG, Registration Agreement (board resolution signed May 2024; scanned PDF, read by OCR), Switzerlend AG, Token Shareholder Agreement (TOKEN SHA), Switzerlend AG investor page.
- Who it may be transferred to
Holders move their shares only by moving LENDS; the wrapper cannot be undone except on termination or migration.
“Token Holders can only transfer ownership of Share Tokens indirectly by transferring SHA Tokens.”
Switzerlend AG, Token Shareholder Agreement (TOKEN SHA) · Section B, 1.2 Relation to Share Tokens and Registration Agreement · words found 2026-09-23
- How a holder redeems
Holders cannot redeem. The issuer may buy or sell tokens but has no duty to, so holders sell on the order book or in a drag-along sale.
“Issuer is under no obligation to offer or repurchase”
Switzerlend AG, Token Shareholder Agreement (TOKEN SHA) · Section B, 1.4 Open Trading & issuance of new Share Tokens · words found 2026-09-23
- Who keeps the official record
The token contract is the securities register; Aktionariat keeps the off-chain share register in which a holder must be entered to vote or take dividends.
“All shareholder registration data is stored and processed in Switzerland by Aktionariat, which maintains the shareholder registry for Switzerlend.”
Switzerlend AG investor page · Terms of Use, footer · words found 2026-09-23
- What the issuer says it can freeze or take back
No freeze, pause or clawback in the contract; the issuer reserves the recovery function and token annulment to enforce the agreement’s intent where the code departs from it.
“the Issuer has the right, but no obligation whatsoever, to use the tools”
Switzerlend AG, Token Shareholder Agreement (TOKEN SHA) · Section B, 1.3 SHA Smart Contract · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | No onboarding |
| Voting rights | None |
| Distributions | cash |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | No | No | No | No |
Ethereum: 2 contract reads, 2 functions in verified source, 2026-09-23
- wrapped()=0x0618d80830f4adb887032d23eafd5b99eb276771
- oracle()=0x0af5512165975e76ee9425b0e3f3781bd17cad24
- migrateWithExternalApproval in verified source 0x3433…8047
- deleteClaim in verified source 0x3433…8047
Where it trades
| Venue | Kind |
|---|---|
| Switzerlend AG direct investment (bank transfer or crypto) | issuer primary |
| Switzerlend secondary order book (non-commercial trading facility on Aktionariat technology, settled in ZCHF) | dex |
No Tokenized Securities Venue lists this token. Secondary trading, if any, is outside the exemption.
Redemption
| Route | Settlement | Settles in |
|---|---|---|
| Secondary market only; no issuer redemption | No redemption. Holders sell on Switzerlend’s on-chain order book against Frankencoin (ZCHF), settled atomically. On 23 September 2026 the best bid was CHF 60.00 and the best ask CHF 67.90 (an 11.63% spread), and 24-hour volume was zero. The issuer may also buy back tokens but has no duty to. | ZCHF |
| No redemption stated | A drag-along sale: once an acquirer’s offer reaches the quorum, every wrapped share passes to the buyer through the contract, and each holder unwraps the sale price. If a holder leaves the agreement, the issuer, and then the other parties, may buy that holder out at 80% of fair market value. | offer currency |
- Someone calls makeAcquisitionOffer on the LENDS contract, or the oracle calls migrateWithExternalApproval
- The oracle 0x0af5512165975e76ee9425b0e3f3781bd17cad24 changes the terms URL, hands the oracle role to another address, or deletes a recovery claim
- The LEND owner (the same multisig) mints tokens toward the 31,066 C1 shares, raises totalShares, or declares tokens invalid
- Switzerlend lists its shares, converts the tokens into another form, or adds transfer restrictions to its articles
- The Registration Agreement or Token Shareholder Agreement is replaced, or the agreement is corrected to name the LENDS contract
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- Switzerlend AG, Registration Agreement (board resolution signed May 2024; scanned PDF, read by OCR) · primary · accessed 2026-09-23
Supports: issuer Switzerlend AG, CHE-456.445.646, preferred C1 shares without transfer restrictions, LEND contract 0x0618…6771 is the ledger-based register, LENDS is a wrapper bound to a shareholder agreement, off-chain share register; only registered holders exercise rights, recovery function; issuer may cancel a recovery, court cancellation under CO 973h - Switzerlend AG, Token Shareholder Agreement (TOKEN SHA) · primary · accessed 2026-09-23
Supports: C1 shares, CHF 1.00 nominal, CHF 53.72 liquidation preference, drag-along 66⅔%; changes 90%, Representative votes for token holders; no board seat, issuer may convert tokens to another form, Open Trading at issuer’s discretion, leaving holders bought at 80% of fair market value, names 0xAe7c…B3A7 as the SHA contract - Switzerlend AG investor page · primary · accessed 2026-09-23
Supports: LENDS contract 0x3433…8047, 31,066 C1 shares, 27,277 tokenized, 284 shareholders, Aktionariat keeps the share register, FinSA primary offering; non-commercial trading facility - Switzerlend AG secondary trading page · primary · accessed 2026-09-23
Supports: bid CHF 60.00, ask CHF 67.90, spread 11.63%, 24-hour volume CHF 0, direct price CHF 68.002 - DraggableShares contract on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
Supports: no owner, pause, freeze or upgrade, oracle may migrate with externally reported votes, change terms, delete recovery claims, quorum 6,666 and migration quorum 9,000 of 10,000; vote period 60 days, claim period 180 days - Zurich commercial register extract, Switzerlend AG · primary · accessed 2026-09-23
Supports: company registration CHE-456.445.646