Understanding the CoinShares Bitcoin Mining UCITS ETF

The CoinShares Bitcoin Mining UCITS ETF (MINE) listed on Deutsche Börse Xetra on 21 July 2026, giving European investors regulated access to a research-weighted portfolio of Bitcoin mining companies. Here is how it works.

Bitcoin mining companies sit at the industrial heart of the Bitcoin network. They convert electricity and computing hardware into newly issued Bitcoin, and their shares trade on regulated stock exchanges. That combination makes them a distinct route to Bitcoin exposure: one that lives inside conventional equity markets rather than on crypto infrastructure.

With the listing of the CoinShares Bitcoin Mining UCITS ETF on Deutsche Börse Xetra on 21 July 2026, that route is now accessible as a pure-play strategy in a UCITS wrapper. CoinShares is the only asset manager offering one. This guide explains what the product is, how its index selects and weights miners, and why mining equities behave differently from Bitcoin itself.

Why mining equities

Miners earn revenue in Bitcoin, primarily through block rewards, while paying most of their costs, chiefly electricity and hardware, in fiat currency. This creates operational leverage. When Bitcoin appreciates, miner margins have historically expanded more than the Bitcoin price itself, because revenue rises against a largely fixed cost base. The same mechanism cuts both ways: when Bitcoin falls, margins compress faster than the price, and weaker operators can be pushed toward distress. Mining equities are therefore best understood as an amplified, operationally sensitive expression of Bitcoin exposure, not a substitute for holding the asset.

The industry behind these equities is substantial. The Bitcoin network's hashrate, the total computing power securing it, currently runs near one zettahash per second, with daily estimates over the past 30 days ranging from roughly 0.8 to 1.1 zettahashes and a 30-day average near 915 exahashes per second.¹ Miners collectively earned around $849m over the trailing 30 days, roughly $33.4m on 19 July 2026 alone, with block rewards making up over 99% of that revenue.² Since the April 2024 halving, the block subsidy stands at 3.125 BTC per block, and it will halve again around 2028. Each halving cuts the industry's primary revenue stream, which is precisely why operational quality, cost discipline and balance sheet strength matter so much in miner selection.

The macro backdrop has also shifted. The approval of US spot Bitcoin ETFs, the establishment of a US Strategic Bitcoin Reserve, the GENIUS Act on stablecoins, MiCA in Europe and the rise of Bitcoin treasury companies have collectively moved Bitcoin from the periphery of finance toward its regulated core. Mining equities are the industrial layer beneath that shift.

What the product is

The CoinShares Bitcoin Mining UCITS ETF is an Irish-domiciled UCITS ETF, authorised by the Central Bank of Ireland. It invests in the shares of the companies of the index it tracks, the CoinShares Bitcoin Mining Index, with full physical replication and no synthetic exposure.

How the index works

The CoinShares Bitcoin Mining Index, administered and calculated by Solactive AG, is not a market-cap ranking of whichever miners happen to be largest. Constituents are weighted using a CoinShares quality score built on ten years of proprietary mining research, including on-site visits to mining operators.

The score assesses each company across five dimensions. The first is the scale and growth of deployed hashrate, the raw productive capacity a miner brings to the network. The second is profitability and cost efficiency, measured through production cost per Bitcoin and operating margin, which determines who survives when margins compress. The third is financial resilience: balance sheet strength, liquidity and debt management, the buffer that carries a miner through drawdowns and halvings. The fourth is environmental efficiency, focused on the renewable share of a miner's energy mix. The fifth is corporate governance, covering board independence, reporting quality and shareholder alignment.

Concentration is managed through a single-stock cap of 18%, extendable to 33% for the largest constituent only in exceptional circumstances. The index rebalances quarterly, so weights are regularly reset as the quality picture evolves.

Where it fits

For investors who already hold Bitcoin or a Bitcoin ETP, MINE offers something complementary rather than duplicative: equity exposure to the operators of the network, with the operational leverage, the conventions of listed equities (regulated disclosure, audited accounts, exchange trading) and the sector-specific risks that come with it. For investors restricted to equity funds, it provides Bitcoin-linked exposure inside a familiar UCITS structure.

It is a concentrated, high-volatility sector exposure and should be sized accordingly within a diversified portfolio.

Initially available in selected European markets. Availability may vary by country and investor type.

Key risks

Bitcoin mining companies are highly exposed to Bitcoin price volatility and face significant operational, regulatory, ESG and cybersecurity risks. There is no capital guarantee: investors could lose some or all of their investment. Before investing, please refer to the Risk Factors section of the Prospectus and the Key Information Document, available free of charge on coinshares.com.

Sources

1. Blockchain.com, 20 July 2026

2. Token Terminal, 20 July 2026