bTokens (tracker certificates by Backed Assets (JE) Limited, ”b” tickers, winding down)
Polygon bCSPX: can freeze a holder, pause transfers, gate who may hold, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Arbitrum bCSPX: can freeze a holder, pause transfers, gate who may hold, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Avalanche bCSPX: can freeze a holder, pause transfers, gate who may hold, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
BSC bCSPX: can pause transfers, mint, change the code (allowlist, freeze, clawback unverified). Keys: owner 0x4975…3a65.
Base bIB01: can freeze a holder, pause transfers, gate who may hold, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
This file replaced an earlier record on 2026-09-24. Superseded to record the Avalanche contract’s freeze and allowlist powers, marked unverified when the explorer did not answer. The verified source now read shows both; the Avalanche contract has no clawback, as the file already said for the other chains. Superseded records.
Research and shelf status are on the memo: bTokens (Backed Finance, winding down) Adverse research finding
Other programs tokenize the same securities. Every version side by side: COIN, NVDA, TSLA.
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A debt certificate of Backed Assets (JE) Limited that tracks an ETF or share; the holder has a claim on the collateral set aside for that product, not on the ETF or share.
“The Investors have a sole claim to the Collateral allocated to the specific Product they are holding”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Terms and Conditions, III. Rights attached to Products (p. 14) · words found 2026-09-23
- Who may hold it
Not for US persons; the issuer sells directly only to Qualified Professional Investors, and retail subscribes through an Authorized Participant.
“may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Summary, Restrictions on free transferability (p. 46) · words found 2026-09-23
- First purchase minimum
CHF 5,000 per subscription, plus investor fees of up to 0.5% and at least CHF 100.
“The minimum subscription amount is CHF 5,000.”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Minimum/maximum subscription amount (p. 5) · words found 2026-09-23
- Account types
The issuer itself deals only with Qualified Professional Investors; everyone else goes through an Authorized Participant.
“The Issuer will offer the Products by itself exclusively to Qualified Professional Investors.”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Offeror of the Products (p. 7) · words found 2026-09-23
- Who it may be transferred to
Tokens move by any on-chain transfer, subject to the terms; the contract blocks sanctioned addresses.
“The ledger-based securities are transferable by (i) any action that technically transfers the direct or indirect power of disposal over the ledger-based securities from one natural or legal person to another”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Terms and Conditions, Transfer (Übertragung) (p. 12) · words found 2026-09-23
- How a holder redeems
Backed is winding bTokens down by the end of 2026; onboarded clients swap into xStocks or redeem for stablecoins until then.
“Onboarded clients can swap bTokens for the corresponding xStocks directly with the issuer, or redeem bTokens to stablecoin using the standard redemption process.”
Backed: The Future Is xStocks: Upgrading bTokens (March 2026) · How to Upgrade · words found 2026-09-23
- Who keeps the official record
The certificates are Swiss ledger-based securities; the token ledger on chain is the record of entitlement.
“The entitlement to the securitized Securities exclusively results from the Securities Ledger.”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Terms and Conditions, Ledger-Based Securities (p. 11) · words found 2026-09-23
- What the issuer says it can freeze or take back
The contract can block sanctioned addresses and pause all transfers; the terms limit burning to tokens the Tokenizer holds and allow a future upgrade to add a freeze.
“A future update of the smart contract functionality may introduce a freezing function and/or extend the burning function”
Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · Terms and Conditions, Ledger-Based Securities (p. 13) · words found 2026-09-23
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| bCSPX | Ethereum | Yes | Yes | No | Yes | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| bCSPX | Polygon | Yes | Yes | No | Yes | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| bCSPX | Arbitrum | Yes | Yes | No | Yes | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| bCSPX | Avalanche | Yes | Yes | No | Yes | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| bCSPX | BSC | Unverified | Yes | Unverified | Unverified | Yes | owner 0x4975…3a65 |
| bIB01 | Base | Yes | Yes | No | Yes | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-24. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| bCSPX | Ethereum | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x22f2…1603 |
| bCSPX | Ethereum | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0xbbf5…0ae8 |
| bCSPX | Ethereum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| bCSPX | Ethereum | Minter | mint new tokens | a 2-of-3 multisig | 0xdd27…4a71 |
| bCSPX | Ethereum | Pauser | pause transfers | a 2-of-3 multisig | 0xdd27…4a71 |
| bCSPX | Polygon | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x8127…7a94 |
| bCSPX | Polygon | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0xbbf5…0ae8 |
| bCSPX | Polygon | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| bCSPX | Polygon | Minter | mint new tokens | a 3-of-5 multisig | 0x8768…fc50 |
| bCSPX | Polygon | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| bCSPX | Arbitrum | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| bCSPX | Arbitrum | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0xbbf5…0ae8 |
| bCSPX | Arbitrum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| bCSPX | Arbitrum | Minter | mint new tokens | a 3-of-5 multisig | 0x8768…fc50 |
| bCSPX | Arbitrum | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| bCSPX | Avalanche | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| bCSPX | Avalanche | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0xbbf5…0ae8 |
| bCSPX | Avalanche | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| bCSPX | Avalanche | Minter | mint new tokens | a 3-of-5 multisig | 0x8768…fc50 |
| bCSPX | Avalanche | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| bIB01 | Base | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0xd196…1d80 |
| bIB01 | Base | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0xf205…5644 |
| bIB01 | Base | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xe076…0596 |
| bIB01 | Base | Minter | mint new tokens | a 3-of-5 multisig | 0x20eb…704f |
| bIB01 | Base | Pauser | pause transfers | a 3-of-5 multisig | 0x20eb…704f |
Ethereum bCSPX: 5 contract reads at block 26042367, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x28a0b491650fe761c8a66528422bc7ca24ecaeda
- eip1967.admin=0xbbf5c3854a5a0e111d2b584211ceac925d140ae8
- owner()=0x22f2dfe84a2eacfe5d3ca81d26e610cb94eb1603
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
- delegateWhitelist in verified source 0x28a0…aeda
- sanctionsList in verified source 0x28a0…aeda
- isPaused in verified source 0x28a0…aeda
- mint in verified source 0x28a0…aeda
- upgradeTo in verified source 0x28a0…aeda
Polygon bCSPX: 5 contract reads at block 94325262, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x28a0b491650fe761c8a66528422bc7ca24ecaeda
- eip1967.admin=0xbbf5c3854a5a0e111d2b584211ceac925d140ae8
- owner()=0x8127cca189ef4dd9b8da3dca4553edd8046b7a94
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
- delegateWhitelist in verified source 0x28a0…aeda
- sanctionsList in verified source 0x28a0…aeda
- isPaused in verified source 0x28a0…aeda
- mint in verified source 0x28a0…aeda
- upgradeTo in verified source 0x28a0…aeda
Arbitrum bCSPX: 5 contract reads at block 508224437, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0xf48359471f23d72e5fcc795366966e8eba6e95f9
- eip1967.admin=0xbbf5c3854a5a0e111d2b584211ceac925d140ae8
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
- delegateWhitelist in verified source 0xf483…95f9
- sanctionsList in verified source 0xf483…95f9
- isPaused in verified source 0xf483…95f9
- mint in verified source 0xf483…95f9
- upgradeTo in verified source 0xf483…95f9
Avalanche bCSPX: 5 contract reads at block 96028041, 5 functions in verified source, 2026-09-24
- eip1967.implementation=0xf48359471f23d72e5fcc795366966e8eba6e95f9
- eip1967.admin=0xbbf5c3854a5a0e111d2b584211ceac925d140ae8
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
- abi:routescan:43114:0xf48359471f23d72e5fcc795366966e8eba6e95f9#delegateWhitelist
- abi:routescan:43114:0xf48359471f23d72e5fcc795366966e8eba6e95f9#sanctionsList
- abi:routescan:43114:0xf48359471f23d72e5fcc795366966e8eba6e95f9#isPaused
- abi:routescan:43114:0xf48359471f23d72e5fcc795366966e8eba6e95f9#mint
- abi:routescan:43114:0xf48359471f23d72e5fcc795366966e8eba6e95f9#upgradeTo
BSC bCSPX: 4 contract reads at block 123624065, 1 function in verified source, 2026-09-23
- eip1967.implementation=0xf48359471f23d72e5fcc795366966e8eba6e95f9
- eip1967.admin=0xbbf5c3854a5a0e111d2b584211ceac925d140ae8
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- upgradeTo in verified source 0x1e2c…1d59
Base bIB01: 5 contract reads at block 51701864, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x28a0b491650fe761c8a66528422bc7ca24ecaeda
- eip1967.admin=0xf2057bdff8439dbffce073e14a9854945d5e5644
- owner()=0xd1966bd72695789ec9c245f0bf5a8512b56c1d80
- isPaused()=false
- sanctionsList()=0xba0d02c2afddb571d1f54b5bea1b57fe01424587
- delegateWhitelist in verified source 0x28a0…aeda
- sanctionsList in verified source 0x28a0…aeda
- isPaused in verified source 0x28a0…aeda
- mint in verified source 0x28a0…aeda
- upgradeTo in verified source 0x28a0…aeda
Where it trades
| Venue | Kind |
|---|---|
| Backed Assets (JE) Limited, directly and through Authorized Participants | issuer primary |
| CoW Swap and other decentralized venues | dex |
How it exits
| Path | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem with the issuer in its window | Redemption Order to the issuer at any time after KYC; the Tokenizer de-activates the tokens and the issuer pays the cash redemption amount, less investor fees of up to 0.5% (at least CHF 100), by the fifth business day (T+5). The issuer may call a product on 30 business days’ notice. | 50 bps | CHF, USD, stablecoins |
| Redeem with the issuer in its window | Wind-down swap: onboarded clients swap bTokens for the matching xStock with the issuer (equities 1:1; bCSPX to SPYx; bC3M, bIB01, bIBTA and bHIGH to TBLLx at a ratio the issuer sets), until the end of 2026. | xStocks | |
| Secondary market only; no issuer redemption | Holders without issuer onboarding sell on decentralized venues such as CoW Swap, or swap into xStocks there. | USDC, xStocks |
- Backed ends the wind-down: redemptions or swaps close, or the issuer calls a product
- Any bToken proxy points at a new implementation, or its owner multisig or proxy admin changes
- The sanctions list owner (a single key on Ethereum, Polygon and Arbitrum) blocks a holder, or an implementation adds a freeze or a wider burn
- The custodian, security agent, or Tokenizer changes
- A bToken appears in a new base prospectus or supplement, or the minimum or fees change
- Verified source appears for the Avalanche and BNB Chain implementation, or the reader gains Gnosis, Fantom, Sonic or Solana for these contracts
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- Backed Assets (JE) Limited, Final Terms for Product Nr. 5, Backed IB01 $ Treasury Bond 0-1yr (bIB01), dated 11 July 2025, with the Terms and Conditions · primary · accessed 2026-09-23
Supports: tracker certificate secured by collateral, sole claim to allocated collateral; no claim to the underlying, Qualified Professional Investors subscribe directly; retail through Authorized Participants, CHF 5,000 minimum; no management fee; investor fees up to 0.5%, US persons barred, Swiss ledger-based securities; the ledger is the record, sanctions block, pause, burn only own holdings, future freeze by upgrade, redemption at any time, KYC, T+5, issuer call on 30 business days’ notice, Maerki Baumann and InCore Bank custodians, Security Agent Services AG, Ethereum ledger contract 0xCA30c93B02514f86d5C86a6e375E3A330B435Fb5 - Backed Assets (JE) Limited, Final Terms Document No. 1 dated 23 July 2024, bCSPX (MFSA filing) · primary · accessed 2026-09-23
Supports: bCSPX note ISIN CH1173294237, bCSPX Ethereum ledger contract, CHF 5,000 minimum - Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved) · primary · accessed 2026-09-23
Supports: issuer history: merger with Backed Assets GmbH on 23 February 2024, list of products whose public offer continues starts at No. 18, AAPLx; no bToken listed - Backed: The Future Is xStocks: Upgrading bTokens (March 2026) · primary · accessed 2026-09-23
Supports: wind-down by end of 2026, swap to xStocks or redeem to stablecoin, ETF mapping to SPYx and TBLLx, same issuer as xStocks - Backed token API (token contracts per network and ISINs) · primary · accessed 2026-09-23
Supports: bToken addresses on Ethereum, Polygon, Arbitrum, Avalanche, BNB Chain, Base, Gnosis, Fantom, Sonic and Solana, note and underlying ISINs, bCSPX on Base at a separate address - Backed token implementation on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
Supports: sanctions list check on transfer, pause, owner mint, burn only from the caller, upgradeable proxy