The founders of the trading firm and their other companies

analysisThe cryptocurrency news outlet reported on 20 December 2023 that the high-frequency trading firm registered in Risch in December 2018 under the name Digital Wave Finance was run by Marco and Remo Schweizer, brothers according to a person who knows them, and by Michael Rendchen. All three, it wrote, were traders who had worked closely together at the market-making firm IMC Trading, where they became proficient in automated trading strategies, and their goal was to apply such strategies to crypto-assets. The account rests on company records and unnamed sources. The register lists board members and signatories rather than managers or owners, and it shows Marco Schweizer on the board only from December 2019 and Remo Schweizer only from August to December 2022. The cryptocurrency news outlet calls the registered purpose market-making and proprietary trading, whereas the register's summary of the 2018 purpose speaks of financial-market services, asset management and brokering financial instruments. The cryptocurrency news outlet said it had asked the Schweizers, Grachev, Rendchen, Bisang, Florentin and others named in its account for comment. Apart from Rendchen, the chief operating officer of Digital Waves and an OKX spokesperson, it quotes no replies; its quotations of Grachev and Florentin come from interviews and podcasts. ^{1 2}

analysisRendchen told the cryptocurrency news outlet: "I have never had any operational role in DWF Labs and have no interests in this entity since I left in 2022. I have no operational role in Digital Wave Finance AG or Darley Technologies since I left the boards of these entities in 2022." The Zug register records Rendchen's departure from the board of Darley Technologies AG with entry 2 of 19 October 2022 and from that of Digital Wave Finance AG with entry 6 of 2 December 2022. It records board seats only, not shareholdings or operational roles. ^{1 3 2}

analysisBITWave AG of Wil SG (CHE-272.745.270) was founded under articles of 9 September 2017 and published in SHAB on 19 September 2017, with a fully paid share capital of CHF 200,000 and the purpose of computer-based processing of mathematical models and trading of all kinds. Its address was Untere Bahnhofstrasse 19, 9500 Wil, and its sole board member, with individual signing authority, was Remo Schweizer. A SHAB notice of 4 March 2024, as reproduced by a commercial company directory, records that Remo Schweizer left the board and that Michel Thoma became its board member with individual signing authority; a commercial company directory lists the company as active and has no information on its owners. Nial AG (CHE-106.488.043), founded in 1989 as Nial Automobile AG, moved from Rickenbach TG to the same Wil address in November 2016, with a fully paid share capital of CHF 100,000 and the purpose of trading in and managing real estate. A SHAB notice of 7 October 2020 records that Marco Schweizer replaced its previous sole board member, with individual signing authority. A commercial company directory lists 18 other active companies at Untere Bahnhofstrasse 19, so the shared address does not by itself indicate a business link between the two companies. ^{1 2 3}

analysisMarco Schweizer appears in commercial directories as an officer of four companies, CTRL Shift AG, Digital Wave Finance AG, Darley Technologies AG and Nial AG; a commercial company directory holds no information on Marco Schweizer's holdings and points to nine namesakes in the commercial register. ^{4 5}

analysisBytom Capital Holding AG (CHE-488.131.643) of Risch was entered in the Zug register on 7 January 2025 (articles of 13 December 2024; SHAB 10 January 2025) with a fully paid share capital of CHF 500,000 in 500,000 registered shares of CHF 1 and the purpose of holding and financing participations. Its address is Suurstoffi 12a, 6343 Rotkreuz, the street address Digital Wave Finance AG used until June 2023, and its only registered officer is Michael Rendchen. Legacy Shift AG (CHE-173.013.513) of Steinhausen followed on 11 February 2025 (articles of 20 January 2025) with CHF 1,000,000 in 100,000,000 registered shares of CHF 0.01, the address Höfenstrasse 20, 6312 Steinhausen, and a purpose that repeats the wording of Digital Wave Finance AG's 2023 purpose; its only registered officer is Remo Schweizer. CTRL Shift AG (CHE-186.038.669) was entered on 29 December 2025 (articles of 19 December 2025) at Legacy Shift's address, with a share capital of CHF 100,001 and the purpose of acquiring, selling and managing participations and providing management services; its only board member and signatory is Marco Schweizer. Bytom and CTRL Shift opted out of a limited audit. ^{1 2 3 4 5 6 7 8}

analysisEach of the three people who ran the trading firm according to the cryptocurrency news outlet thus became, during 2025, the only board member of a new company. The register extracts for Bytom and Legacy Shift list no particular events such as contributions in kind, and the reproduced foundation notice of CTRL Shift mentions none, so these records do not show shares of Digital Wave Finance AG or of any other company being contributed to the new companies. Board membership is not ownership and the shareholders are not named; share transfers after foundation would not normally be published, so whether the companies later acquired participations remains open. ^{3 6}