What is Snowball？
Snowball is a non-principal-protected structured product. There are multiple observations during the term of the product, which could trigger early redemption at full principal amount plus a high interest rate. It allows investors to earn a high yield in various market environments, but carries the risk of the investment currency being converted to a different currency at the initial exchange rate when the market moves significantly in one direction.
Sales timeline
Every Wednesdays 20:00 - Thursdays 15:30 (UTC+8)
Investment rules
Minimum Investment Amount：1 BTC
Investment Currency：BTC
Definitions
- BTC/USD Price: the BTC/USD Index Price as published by the Deribit exchange
- Initial Price: the BTC/USD price at around 16:00 (UTC+8), which shall be published shortly after the end of the subscription period.
- Final Price: the average BTC/USD Price over the period 15:30~16:00(UTC+8) on the Maturity Date.
- KO Event: a KO Event is deemed to occur if, on a KO Observation Date, the average BTC/USD Price over the period 15:30~16:00(UTC+8) is less than 95% of the Initial Price.
- KI Event: a KI Event is deemed to occur if, at any time prior to maturity, the BTC/USD Price is greater than 130% of the Initial Price
Revenue Rules
- This product has a maximum maturity of 4 weeks, subject to early redemption if a KO Event occurs.
- If a KO Event occurs(Scenario 1), or no KI Event occurs(Scenario 2), the investor receives 100% of the BTC principal plus an annualized interest rate of 52% upon the KO Event or at maturity, whichever occurs earlier.
- If no KO Event occurs, and a KI Event occurs, the investor receives no interest, and at maturity
i) If Final Price <= Initial Price(Scenario 3), the investor receives 100% of the BTC principal; or
ii) if Final Price > Initial Price(Scenario 4), the investor receives USDT, the amount being 100% of the BTC principal converted to USDT at the Initial Price.
Settlement return time
KO Event occurs: 19:00 (UTC+8) on the day of observation
No KO Event occurs: 19:00 (UTC+8) on the day the product expires
Note: The KI price and KO price percentage (95%, 130%) and APR (52%) mentioned in the definition are indicative, please refer to the specific figures on the details page of each product.