Crypto Valuation

Crypto is developing as a new asset class that has no long term correlation to traditional assets. Adding only a small fraction of Bitcoin to a balanced portfolio significantly enhances the risk/return profile (Newsletter 6). Diversifying into other crypto tokens further improves the risk adjusted returns.

Our fundamental valuation helps us to separate the wheat from the chaff when it comes to token selection.

Approximately 2,500 crypto tokens are currently traded on various exchanges. We differentiate them into stores of value, currencies and securities.

Similar to precious metals, we classify Bitcoin as a store of value and calculate its price target using our capped stock to flow model. For securities, traditional valuation models can be applied, such as the discounted dividend model and for crypto currencies we use the quantity model (Newsletter 5).

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If you would like to know more about our tailored solutions for qualified investors feel free to contact us

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.


Newsletter 8: Stock to Flow Model – Proof of non-linearity


Newsletter 7: Capped Stock to Flow Model


Newsletter 6: Portfolio Optimization with Crypto

English / Deutsch

Newsletter 5: Crypto Valuation Models


Newsletter 4: When does the Altcoin Rally begin?

English / Deutsch

Newsletter 3: Fundamentale Bewertung von Crypto Tokens


Newsletter 2: Bitcoin, quo vadis?


Newsletter 1: Neue Anlageklasse



Krypto-Lunch Xmas Special
(Zurich, December 6, 2019)

Désirée Müller of SwissRex AG talkes about their crypto valuation model and gives an outlook for the year 2020.

Interview with Cryptowelt
(Zurich, December 5, 2019)

Reto Stiffler of SwissRex AG presents the Capped Stock to Flow model.

University of St.Gallen – MBF Women Club
(St.Gallen, October 17, 2019)

Désirée Müller of SwissRex AG on a panel with exponents of Goldman Sachs, Zurich Insurance, vlot and Blackrock.

University of St.Gallen – Semester Kick-Off event ‘Future of Finance’
(St.Gallen, September 19, 2019)

Désirée Müller of SwissRex AG discussing the future of work and finance together with exponents from Credit Suisse and CFA Society.

SwissRex Crypto Fund wins BarclayHedge Award for stellar Performance. It has ranked number 5 in the crypto category for July 2019
(July 2019)

Fundplat – Interview with Désirée Müller from SwissRex AG

(June 2019)

“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.


SwissRex AG
Bangarten 10
9490 Vaduz, Liechtenstein


Chief Executive Officer


Chief Investment Analyst