Fundamental Upside


We consider crypto tokens as a new asset class. Fundamental analysis and token selection combined with safe storage are the keys to successful investing.
Around 2’000 token are currently listed on crypto exchanges. We classify them into the following categories:

The supply of Bitcoins is limited to 21 million. Currently, 17.6 million are in circulation. Yearly new supply or inflation is at 4% and will go down to 2% in 2020 and 1% in 2024. Due to loss of some Bitcoins over time, it will become deflationary in a few years. This makes Bitcoin an ideal Store of Value, comparable to gold; but not suitable as Global Medium of Exchange.

XRP (Ripple) or Stellar are better candidates for a Global Medium of Exchange. Faster and cheaper transactions could make them take away market share from SWIFT and other payment systems.

Participation in the revenue or profit of a business is a third category. These tokens are comparable to equities or bonds and are usually called Security Tokens. These tokens can be valued with tools similar to Discounted Cash Flow models.

Local Medium of Exchange tokens have a major caveat. Due to very fast transactions the same token can circulate many times a year; the velocity of the token is high. Therefore, only a small amount of tokens is needed to generate a certain revenue. Supply must be kept very low or demand must be very high to create value for these token. Usually, a kind of Membership is needed, which locks tokens in escrow accounts and hence reduces supply.

Our fundamental analysis classifies about 95% of tokens as pure Local Medium of Exchange with low or no value. Most of these tokens will disappear over time. It is our main goal to avoid these tokens.
Classification and valuation of a token can change over time. Therefore, an active portfolio management is needed.

The Team

Swiss stands for high quality and Rex for the king as we aspire to be best in class.
SwissRex AG with domicile Vaduz, Liechtenstein was established on May 4, 2018. The founders combine 35 years of experience. Désirée Müller and Reto Stiffler are responsible for the operative business.


Chief Investment Analyst

  • Co-Founder SwissRex AG and Crypto Consulting AG
  • Launch of SwissRex Crypto Fund
  • CIO and Partner at BK & Associates
  • Fund Manager at GAM
  • Portfolio Risk Manager at Julius Baer
  • Lic. rer. pol degree in economics, University of Fribourg
  • AZEK/CIIA Financial analyst and portfolio manager


Chief Executive Officer

  • Co-Founder SwissRex AG and Crypto Consulting AG
  • Launch of SwissRex Crypto Fund
  • Fund manager long/short European Equity at GAM
  • Fund manager at Credit Suisse
  • Relationship Manager at Credit Suisse
  • Master’s degree in Banking and Finance University of St.Gallen.


“Zukunft Banking”: Best-of Digital Movers and Shakers

(Zürich, May 26, 2019)

Reto Stiffler und Désirée Müller featured in “Zukunft Banking”: Best-of Digital Movers and Shakers der Netzwoche! Welchen Einfluss hat Crypto und Blockchain auf den Finanzsektor und wie wird ein Token bewertet?

#ZukunftBanking #BrandRelations #Netzwoche #SwissRexAG #CryptoConsultingAG #Crypto #AssetClass

Medium: The Valuation of Crypto
(Zürich, May 19, 2019)

Désirée Müller talks about a fundamental approach to value crypto tokens. Featured in the May 2019 CV Post by CVVC.

#CVVC #SwissRex #Crypto

Singularity Group Event ‘Blockchain – A Reality Check’

(Zürich, May 16, 2019)

Reto Stiffler and Désirée Müller will get the facts straight, joining the event as #Industry Experts

CV Summit 2019
(Zug, March 26, 2019)

SwissRex AG contributed with a speech on ‘Valuation of Crypto’

HSG Alumni Event Zukunft Finanzplatz Schweiz
(St. Gallen, Feb 7, 2019)

Among other late-breaking topics, Désirée Müller and Nicole Büttner-Thiel will discuss big data, AI & crypto

Berenberg Academy
(London, Oct 13, 2018)

Désirée Müller, CEO of SwissRex AG educated young and eager people about the developments in the crypto space and shared her experience when it comes to investments and safe storage within a new asset class.

Bloomberg Future of Finance Day
(Zürich, Oct 4, 2018)

In a panel format Désirée Müller, Dr. Arthur Vayloyan, Oliver Bussmann, Nadia Abouayoub and Xen Baynham-Herd discussed the drivers of future investing in front of 300 senior investors from traditional finance.

Approaches to Crypto Investing
(Zürich, Sep 27, 2018)

SwissRex AG and Protos Asset Management joined forces to present two portfolio management styles to a broad audience in Zürich.


SR Newsletter – EN (PDF)
(July 2019)

SR Newsletter, July 2019

SR Newsletter – DE (PDF)
(July 2019)

SR Newsletter, July 2019

SR Valuation Model (PDF)
(May 2019)

SR Valuation Model, May 2019

Blockchain Newsletter (PDF)
(Volume 2, April 2019)

SR_Blockchain Newsletter, Q2 2019

Blockchain Newsletter (PDF)
(Volume 1, April 2019)

SR_Blockchain Newsletter Q1, 2019


SwissRex AG
Bangarten 10
9490 Vaduz, Liechtenstein

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