Protocol Primer
On October 3, 2019, Switzerland’s principal stock exchange SIX made a quiet but decisive move in the institutional crypto adoption narrative. The exchange listed a new exchange-traded product (ETP) under the ticker ABBA, developed jointly by fintech firm Amun and crypto custodian Bitcoin Suisse. The product’s construction is elegantly simple: nine parts Bitcoin, one part Ether. That single ratio captures approximately 75 percent of the entire cryptocurrency market capitalization at the time, giving traditional investors broad exposure to the two dominant digital assets through a single, regulated instrument traded on a conventional stock exchange.
The launch brought Amun’s total portfolio of crypto ETPs listed on SIX to seven. The existing lineup already included individual-asset ETPs tracking XRP, Bitcoin, Bitcoin Cash, and Ether, alongside two basket products: the Amun Crypto Basket Index ETP and the Amun Bitwise Select 10 Large Cap Crypto Index ETP. The ABBA product filled a specific niche — a Swiss franc (CHF)-denominated vehicle designed to give local investors a hedged, crypto-native exposure without leaving their existing brokerage accounts.
Key Innovations
The ABBA ETP distinguishes itself through several structural features that set it apart from the broader crypto investment landscape in late 2019. First, the product is fully collateralized. For every unit of the ETP sold, a corresponding amount of Bitcoin and Ether is held in cold storage at the Bitcoin Suisse Vault. This is not a synthetic or derivative product — the underlying assets exist on-chain and are custodied by a regulated Swiss entity. In a market still scarred by exchange hacks and insolvency fears, full collateralization is a meaningful trust signal for institutional allocators.
Second, the nine-to-one Bitcoin-to-Ether ratio is deliberately calibrated. Bitcoin, trading at approximately $8,260 on October 3, 2019, represents the established store-of-value narrative. Ether, priced around $175, captures the programmable money and decentralized computing thesis. By weighting Bitcoin at 90 percent, the product appeals to conservative institutional mandates that want crypto exposure but are not yet ready to bet heavily on the smart contract platform thesis. The 10 percent Ether allocation, however, leaves the door open for outperformance if the Ethereum ecosystem — then in the early throes of the DeFi summer that would explode in 2020 — delivers on its promise.
Third, the CHF denomination eliminates a significant friction point for Swiss investors. Currency risk has long been a barrier for European institutional crypto adoption. A product priced in the same currency as their operating expenses, pension liabilities, and reporting obligations reduces the hedging burden and simplifies portfolio accounting.
Tokenomics Breakdown
While the ABBA ETP itself is not a token on a blockchain, its mechanics mirror certain DeFi principles that would become central to the crypto narrative in the following years. The product’s NAV is determined by the spot prices of BTC and ETH, which on October 3, 2019, stood at $8,259.99 and $175.20 respectively according to CoinMarketCap data. Bitcoin’s market capitalization was approximately $148.4 billion, while Ethereum’s was $18.9 billion. Together, these two assets accounted for the overwhelming majority of crypto market value.
The broader context matters. XRP, the third-largest cryptocurrency, was trading at $0.2479 with a market cap of $10.7 billion. Litecoin sat at $56.55, Binance Coin at $15.73, and Chainlink — then still under $2 at $1.95 — was just beginning its legendary run that would see it become one of the best-performing altcoins of 2019. Tezos, at $0.9353, was another emerging competitor in the smart contract space. The ABBA basket effectively ignored all of these, making a concentrated bet on the two assets that Amun and Bitcoin Suisse believed would endure.
For investors accessing the product through their existing broker or bank, the experience is identical to buying any other exchange-traded product. There is no wallet setup, no private key management, and no on-chain transaction to navigate. The Bitcoin Suisse Vault handles all custody, and SIX’s existing clearing and settlement infrastructure handles trade execution.
Roadmap Reality Check
Amun’s CEO Hany Rashwan described the ABBA product as “designed for the Swiss by the Swiss,” underscoring the company’s strategy of building jurisdiction-specific products rather than one-size-fits-all global instruments. This approach makes regulatory sense — each market has its own investor protection framework, tax treatment, and currency considerations. But it also fragments liquidity and limits the network effects that make globally traded products more efficient.
The SIX exchange itself was undergoing a period of transition. Martin Halblaub, CEO of SIX Digital Exchange, had recently announced his resignation due to “strategic differences.” The exchange had also become a shareholder in PXL Vision, a digital identity company, signaling its broader ambitions in the digital asset infrastructure space. These parallel developments suggest that SIX sees crypto not as a niche product line but as a core part of its future business — a thesis that the ABBA listing reinforces.
The competitive landscape for crypto ETPs was heating up across Europe. Switzerland had established itself as the continent’s most crypto-friendly financial center, and the SIX exchange was its crown jewel. But exchanges in Germany, Liechtenstein, and elsewhere were also listing crypto-tracking products, creating a race for institutional mindshare that would accelerate through 2020 and beyond.
Investor Takeaway
The ABBA ETP represents a mature approach to crypto investing that sidesteps the volatility and complexity of direct asset ownership while preserving core exposure to the two most established cryptocurrencies. For Swiss-based investors, it offers a regulated, collateralized, and CHF-denominated on-ramp that fits neatly into existing portfolio management workflows. The nine-to-one Bitcoin-Ether weighting is conservative but sensible for the institutional audience it targets.
The broader signal is perhaps more important than the product itself. Each new ETP listing on a regulated exchange normalizes crypto as an asset class in the eyes of traditional finance. By October 2019, the infrastructure for institutional crypto investing was being assembled piece by piece — custody solutions, regulated exchanges, and now increasingly sophisticated investment products. The ABBA ETP is one more building block in that construction, and for altcoin investors, it represents proof that the bridge between traditional finance and crypto is being built from both sides.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, including the potential for total loss. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
nine parts BTC one part ETH, basically every lazy portfolio in one ticker. smart move for Swiss investors who dont want to manage keys
the CHF denominated part is key though. most crypto products are USD priced, having a local currency hedge matters when your franc keeps strengthening
CHF hedging mattered a lot in 2019. the franc kept strengthening against EUR, so local investors got double exposure without it
9:1 BTC to ETH captures 75% of the market but misses every innovation since 2019. lazy is the right word
lazy maybe but also pragmatic in 2019. ETH was still figuring itself out post-DAO, no way a swiss exchange product goes heavy on alts
the 9:1 ratio made sense when ETH was still dealing with post-DAO uncertainty but looking back it basically ignored the entire DeFi summer that came 8 months later
Amun really went from zero to seven ETPs in like a year. aggressive expansion but i guess SIX was hungry for crypto products
SIX listing seven crypto ETPs that fast tells you european regulators were way more open minded than the SEC at the time
SIX was listing crypto ETPs while the SEC was still sending subpoenas to ICO projects. European regulators were genuinely years ahead on this