Research summary
REALU is a share of RealUnit Schweiz AG, a Swiss investment company in Baar that holds gold, silver, Swiss stocks, banknotes and a little bitcoin. The company has two classes of share with the same CHF 1.00 nominal value. Its 44.5 million bearer shares are listed on BX Swiss. Its 4.6 million registered shares are Swiss ledger-based securities under article 973d of the Code of Obligations, one token per share on an Aktionariat contract, and the token is the share. The two classes do not convert into each other, so the token holder cannot sell on the exchange. The company’s multisig owns the token contract. It can mint new tokens up to the registered share count, switch on an allowlist, and mark any address forbidden, which stops that address from receiving and lets it send only to approved addresses. The allowlist was off when we read the contract on 23 September 2026. No key can pause the contract, upgrade it or move a holder’s tokens. The only exit is the company’s own trading bot, where the company is the buyer. We reject it for client portfolios. The company addresses its offer only to residents of Switzerland, Germany, Austria and Liechtenstein, bars the United States by name, and has not registered the shares under the Securities Act. A US client should not hold it, and the exit depends on the issuer choosing to buy.
Observable review triggers
- RealUnit Schweiz AG opens its offer to US persons under a stated exemption or registration
- The owner multisig switches on the allowlist or marks holder addresses forbidden
- The Brokerbot stops buying, or the company stops acting as counterparty
- The company makes the tokens convertible into the listed bearer shares
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Ethereum
- Instruments
- REALU
- Reviewed
- Next review