Leonteq AG shares gained 3.4% on Friday, reaching CHF 21.50, their highest level in three weeks. The move followed the disclosure that the company's principal shareholder, Rainer‑Marc Frey, raised his total interest to 29.78%.
Through his vehicle H21 Macro Limited, Frey purchased 1.19 million Leonteq shares, representing about 6.5% of the outstanding stock held by Raiffeisen Schweiz. The acquisition brings his direct and indirect holding close to the 30% threshold.
The stake increase comes ahead of an extraordinary general meeting scheduled for 21 September, where a proposal submitted by Frey for a share‑buyback programme will be voted on. The plan calls for Leonteq to repurchase up to 5 million registered shares for a maximum consideration of CHF 100 million between autumn 2026 and the end of June 2028. The board issued no recommendation on the proposal.
Leonteq noted that only shares registered with voting rights as of 14 September 2026 will be eligible to vote, meaning the newly acquired shares will not participate in the decision.
Frey first entered Leonteq in 2017, building a roughly 14% stake by 2018 and acquiring an additional tranche from Raiffeisen in March 2026. Investors continue to speculate on his strategic intentions as the largest individual shareholder.
On the operational side, Leonteq reported a return to profitability in the first half of 2026, surpassing market expectations. The firm also completed the resolution of all regulatory legacy issues by mid‑June.
