CoinShares Exchange Traded Products (ETPs)

CoinShares is Europe’s leading alternative asset manager specialising in digital assets. We have been operating since 2014 and have in-depth knowledge of both crypto markets and traditional finance.

Our product range spans three families. CoinShares XBT Provider in the Nordics; CoinShares Physical across continental Europe giving investors direct exposure to the price of cryptocurrencies; and CoinShares Equity ETFs giving investors indirect exposure to the digital asset economy through the shares of publicly listed companies.

CoinShares XBT Provider: Nordic’s #1 choice of crypto ETP

In 2015, CoinShares XBT Provider (formerly XBT Provider) launched the groundbreaking 'Bitcoin Tracker One' ETP, becoming the first open-ended security based on the performance of bitcoin available to investors on a traditional securities exchange. Regulated by the Swedish Financial Supervisory Authority (SFSA) and listed in Stockholm, CoinShares XBT Provider ETPs are designed to offer the benefits of exposure to cryptocurrencies in a traditional portfolio without the need for investors to handle the assets themselves, reducing the technological burden and risks of self-custody.

Fast forward to today, CoinShares XBT Provider offers two suites of ETPs:

The first suite, consisting of four different ETPs, tracks the prices of Bitcoin and Ethereum, with options available in both SEK and EUR. These ETPs have gained significant popularity, attracting over 100,000 investors and managing an impressive $3 billion USD in assets under management as of March 18, 2025.

The second suite, launched in May 2025, significantly expands the offerings available to Nordic investors with seven physically backed crypto ETPs, all denominated in SEK. This suite provides exposure to emerging yet well-recognized assets, including Cardano, Chainlink, Litecoin, Polkadot, Solana, Uniswap, and XRP.

Learn how Sweden became an innovation hub for crypto ETPs in Europe. 

Structure & fees

The management fees for CoinShares XBT Provider ETPs vary based on the product type. For synthetic ETPs, the fees stand at 2.5% per annum. For physical ETPs, management fees start from 0.0% per annum and can go up to 1.5%, depending on the product. Like all ETPs, these fees accrue on a daily basis.

Trading costs are variable and external to the ETP product itself. These include both the costs paid to the investor’s broker or bank for executing trades on their behalf, and the bid/ask spread on the exchange. It is essential for investors to consider these trading costs as part of their overall investment strategy and evaluate the impact they may have on their returns.

Convenient exposure to crypto in your ISK account

CoinShares XBT Provider ETPs are designed to be the most convenient way for Nordic investors to gain exposure to bitcoin or ether in their existing portfolio. Because the ETPs trade on exchange, investors can purchase the ETPs through traditional banks and brokers, just like stocks, during regular market hours. This avoids many of the risks and fees associated with direct crypto exchanges, many of whom are not regulated.

CoinShares XBT Provider ETPs are available on popular broker platforms Avanza and Nordnet, and can be purchased within an Investingsparkskonto (ISK) Swedish savings account alongside other stocks, funds and certificates. Because all these investments can be held within the same account, it makes comparison and analysis of the entire portfolio much more straightforward.

For more information, check out the How to Buy page on our website. 

CoinShares Physical: built for multi-asset portfolios

Launched in 2021, CoinShares Physical ETPs were first listed in Switzerland, before cross-listing to Germany, France and the Netherlands to serve a growing number of investors across continental Europe. Every CoinShares Physical ETP is 100% physically backed by crypto, and they combine innovative features like built-in staking rewards, with a robust bankruptcy-remote structure, competitive management fees and multiple layers of investor protection.

Structure and fees

CoinShares Physical Crypto ETPs physically buy and hold the actual cryptocurrency they are designed to track. The performance is therefore directly inextricably linked to the performance of that underlying asset.

The management fees for CoinShares Physical ETPs vary depending on the product, ranging from 0.0 p.a. to 1.5% p.a. These fees are annual but accrue on a daily basis. 

Unlike some other physical crypto ETPs, CoinShares Physical ETPs prevent the commingling of assets between different products, safeguarding investors and limiting their exposure to the specific underlying digital asset. 

For German investors, CoinShares Physical ETPs are structured to benefit from a specific tax status: German general tax on capital gains on securities (Abgeltungssteuer) currently sits at 25%, however for physical ETPs referencing assets such as gold and crypto, this tax doesn’t always apply if an investor holds the ETP for longer than a year (generally, at least a year and a day). 

Staked ETPs: built-in staking rewards

CoinShares stands out as the only issuer to guarantee investors fixed and transparent staking rewards for PoS (Proof of Stake) crypto ETPs, ensuring that investors always have visibility into the process and outcomes. This is achieved via

• a reduced management fee and;

• the increase of the Coin Entitlement (the amount of actual crypto each share of the ETP entitles the investor to) by a pre-set percentage each day

To learn more about the unique structure of CoinShares’ Physical Staked ETPs check out our dedicated article.  

Index ETPs: buy the market in a single product

The CoinShares Physical product family also includes Index ETPs. These products are designed to help investors gain exposure to a diversified range of crypto assets with a single trade. 

• Simplified market access: Crypto index ETPs offer investors exposure to a wide range of digital assets or themes, through one product, eliminating the need to pick and choose specific cryptos. 

• Risk mitigation with diversification: By spreading investments across various cryptocurrencies, CoinShares’ physically-backed crypto index ETPs help investors reduce the risk of loss from any single cryptocurrency's downfall.

• Automatic rebalancing: CoinShares’ Crypto Index ETPs are rebalanced on a quarterly basis in line with the underlying index methodologies, providing passive exposure to a broad market or theme within the digital asset industry. 

Learn more about how crypto index ETPs work. 

Adding CoinShares Physical ETPs to your portfolio

CoinShares Physical ETPs are available to trade on popular broker platforms such as OnVista, Scalable, and Comdirect. They are also available to purchase in broker Savings Plans - a popular way for investors to regularly add crypto exposure to a diversified portfolio.

Visit the How to Buy page to choose your broker to start investing. 

View all CoinShares Physical ETPs

Enhancing investor protection and transparency

Investor protection has always been at the heart of our product design and development. Proof of reserves for both CoinShares XBT Provider and CoinShares Physical ETPs are available to investors at any time.

An attestation of assets, conducted by the independent accounting company The Network Firm, verifies and confirms that the reserves of our ETPs are always collateralised by the requisite quantity of underlying digital assets. 

Crypto equity ETFs: indirect exposure to the digital asset economy

While CoinShares XBT Provider and CoinShares Physical ETPs give investors direct exposure to the price of cryptocurrency, CoinShares Equity ETFs offer indirect exposure by investing in the shares of publicly listed companies whose businesses are tied to the digital asset economy.

The CoinShares Bitcoin Mining UCITS ETF is the first product in this range. It is structured as a UCITS fund and tracks the CoinShares Bitcoin Mining Index,¹ an index owned by CoinShares and administered and calculated by Solactive AG, which aims to track the performance of publicly listed companies deriving all or part of their revenue from Bitcoin mining operations.

Under the index methodology in place at the time of writing,² each constituent is scored across a set of factors covering hashrate, Bitcoin mining margin, financial resilience, environmental efficiency and governance. These scores combine into a composite score, and index weights are then assigned proportionally to the square of each company’s composite score, subject to a cap on any single constituent and a liquidity based ceiling linked to each stock’s average daily traded value. The index is rebalanced quarterly, and Solactive reviews the methodology at least annually, so investors should always check the latest index guideline on Solactive’s website for the current rules rather than relying on a fixed set of weights.

Key risks

As with any investment, it is important to be aware of the risks involved in trading CoinShares’ crypto products. For a full description of the risks, please refer to the ‘Risk Factors’ section of the Prospectus of the products before making any investment decision, as well as the Key Information Document, available free of charge from CoinShares and on coinshares.com. 

• Investors’ capital is at risk and investors may lose part or all of their investment. Holders of CoinShares XBT Provider and CoinShares Physical ETPs are fully exposed to the price of the underlying cryptocurrency; holders of CoinShares Equity ETFs are exposed to the value of the underlying equities.

• CoinShares XBT Provider and CoinShares Physical products are generally structured as debt securities, not as equities. CoinShares Equity ETFs, by contrast, are structured as funds holding equities and do not directly hold or track the price of any cryptocurrency.

• The bid/offer price of any CoinShares product on an exchange will likely differ from the trading price of the underlying asset or index it tracks.

• Because CoinShares Equity ETFs invest in operating companies, their returns also depend on company specific factors, such as management execution and energy costs, and on broader equity market conditions, and may diverge meaningfully from the price of the underlying cryptocurrency.

Past performance is not an indicator of future performance and investors should always seek professional advice to ensure an allocation to crypto fits with their overall goals and objectives.

Conclusion

From 2015 through to the present day, CoinShares has focused on providing investors with regulated access to the digital asset economy, offering a balance of innovation, investor protection and convenience. The transparency of daily proof of reserves, the flexibility of trading on your chosen brokerage platform, and a growing choice of direct and indirect crypto exposure have driven the growth of three product families: CoinShares XBT Provider in the Nordics, CoinShares Physical across continental Europe, and CoinShares Equity ETFs.

CoinShares XBT Provider ETPs have become the #1 way for Nordic investors to include bitcoin or ether in their portfolios through traditional banks and brokers, minimising the risks and fees associated with unregulated crypto exchanges. These ETPs are accessible on platforms like Avanza and Nordnet and can be integrated into Swedish Investingsparkskonto (ISK) savings accounts, simplifying portfolio management and analysis.

CoinShares Physical ETPs ensure asset segregation between products, protecting investors’ interests and limiting their exposure to specific digital assets. In Germany, the ETPs can benefit from a favourable tax status if held for over a year, and CoinShares uniquely offers transparent staking rewards for proof-of-stake digital assets, combining reduced management fees with daily increases in the Coin Entitlement. Additionally, CoinShares Physical Index ETPs allow for diversified crypto asset exposure through a single trade.

CoinShares Equity ETFs extend this range further. The CoinShares Bitcoin Mining UCITS ETF gives investors indirect exposure to the digital asset economy through the shares of Bitcoin mining companies, selected and weighted by a rules based index that scores constituents across hashrate, mining margin, financial resilience, environmental efficiency and governance. For investors who prefer to access the growth of the crypto industry through traditional equity markets, it offers a further route alongside CoinShares’ direct crypto ETPs.

Sources

1. Solactive AG, “CoinShares Bitcoin Mining Index NTR”, index page (ISIN DE000SL0T758)

2. Solactive AG, “CoinShares Bitcoin Mining Index” guideline, 29 April 2026