Research summary
LENDS is a preferred share of Switzerlend AG, the Zurich company behind the lend.ch peer-to-peer lending platform, issued as a Swiss ledger-based security on Aktionariat’s share contracts. The token is the share: the LEND contract is the register of the security, and every one of the 27,277 tokenized shares sits inside a drag-along contract that issues one LENDS for each. No one can pause, freeze or upgrade that contract. The company’s own multisig mints new share tokens and holds an oracle role that can change the terms link and delete recovery claims. What the holder gives up is mostly in the agreement, not the code. Each token is a C1 preferred share with a CHF 53.72 liquidation preference, but token holders waive any board seat and appoint a Representative, the chairman of the board at signing, to cast their votes after polling them. Holders of two thirds of the shares can force a sale of the company; a holder who quits the agreement can be bought out at 80% of fair market value. On 23 September 2026 the order book showed a bid of CHF 60, an ask of CHF 67.90, and no trades that day. We reject it for client portfolios. It is a single private venture stock with no prospectus, no stated US exemption, a thin issuer-run market, and votes cast by a proxy. Its own agreement also names the wrong contract address, a sign of how loosely the paperwork is kept.
Observable review triggers
- Switzerlend lists its shares or publishes a prospectus
- An acquisition offer is made on the LENDS contract, or the wrapper migrates
- The LEND owner mints beyond the C1 shares in the commercial register, or declares valid tokens invalid
- Token holders regain a direct vote, or the Representative changes
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Ethereum
- Instruments
- LENDS
- Reviewed
- Next review