Particula Rating Report: Anemoy ($LTF), September 2024
Particula assigns an A+ rating* to the issuance of the Liquid Treasury Fund 1 ($LTF) token by Anemoy as of September 9, 2024, with a positive outlook. The $LTF token primarily reflects participation in U.S. Treasury Bills.
The rating favorably reflects the issuer’s bankruptcy-remote operational structure, which operates under stringent regulatory oversight and the robust product design supported by an efficient technical infrastructure. It also takes into account the direct ownership of fund shares, strong reporting and transparency practices and the high quality of the underlying assets. However, the rating highlights certain challenges, including legal risks, key person and concentration risks, operational and market presence risks, as well as counterparty risks associated with the issuance of $LTF.
Rating: A+ rating* assigned by Particula in September 2024 for the Liquid Treasury Fund 1 ($LTF) token.
Regulatory Compliance: Licensed to Operate as a Professional Fund by the British Virgin Islands Financial Services Commission (BVIFSC).
Market Cap(As of Sep 9, 2024): $37,896,738.62
Blockchain Ecosystem: Integrated across multiple blockchains including Ethereum, Celo, Centrifuge Chain, Abitrum & Base.
Key Strengths: Bankruptcy-Remote Operational Structure with Regulatory Oversight, Robust Product Structure Backed by Efficient Technical Infrastructure, Direct Ownership of the Underlying Asset Provided as Fund Shares, Strong Reporting & Transparency Practices, Low-Risk & High-Quality Underlying Asset Structure.
Challenges: Key Person & Concentration Risks, Operational & Market Presence Risks Related to Anemoy, Third-Party Integration & Dependency Risks, Investor Exposure to Legal Risk.
Target Investors: The fund is only open to professional investors, defined as:
・An individual or entity whose ordinary business involves the acquisition or disposal of property similar to the assets held by the fund, whether for their own account or for others.
・Individuals who sign a declaration confirming they have a net worth exceeding $1,000,000 (or equivalent in another currency) either individually or jointly with a spouse. These investors must also consent to being treated as professional investors.
Future Sensitivities: Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
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Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. This methodology diligently assesses each issuance on the categories compliance, economic viability, technological resilience, ESG performance and operational security, offering investors a deep understanding of risks and opportunities on issuer, token and underlying asset.
Particula’s principles acknowledge the difference between digital assets and analog assets and integrate direct data from issuers, conduct thorough security checks and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets. A complete overview of our analytical approach and the rating methodology is available on request.
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*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.
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