CoinShares launches Bitcoin Mining UCITS ETF, a regulated, diversified route to Bitcoin without holding Bitcoin

Irish-domiciled UCITS ETF listing on Xetra on July 21, 2026 — tracking the CoinShares Bitcoin Mining Index, a quality-scored basket of the world's leading listed Bitcoin miners

JERSEY, Channel Islands — July 21, 2026 — CoinShares PLC (Nasdaq: CSHR) ("CoinShares" or the "Company"), a leading global asset manager specialising in digital assets, announced the launch of the CoinShares Bitcoin Mining UCITS ETF, listed on the Deutsche Börse Xetra venue from today.

The ETF gives investors regulated, diversified exposure to the economics of Bitcoin without holding Bitcoin directly. It is structured as an Irish-domiciled UCITS, authorised by the Central Bank of Ireland, and fully physically replicates the CoinShares Bitcoin Mining Index — a rules-based, quality-weighted basket of publicly listed Bitcoin miners administered by Solactive AG. CoinShares is the only asset manager to offer a pure-play Bitcoin mining investment strategy in a UCITS wrapper.

The fund is designed for two audiences: professional and institutional investors whose mandates require a UCITS-compliant route into the digital asset economy via listed equities, and retail investors who want exposure to Bitcoin's underlying infrastructure through a familiar listed-equity format, without wallets, private keys, or direct custody of the underlying asset.

Why a UCITS Bitcoin mining ETF and why now

For many European allocators, holding Bitcoin directly is either prohibited by internal investment policy or undesirable from an operational and risk perspective. Listed Bitcoin miners, the companies that secure the network, validate transactions and produce new Bitcoin, give investors economic exposure to Bitcoin through the familiar, regulated format of equity capital markets. Their revenues are highly sensitive to Bitcoin's price: when Bitcoin appreciates, miner margins have historically expanded by more than the underlying price itself.

Until today, European investors seeking this exposure had to assemble single-name positions in listed miners, with all the concentration risk that implies. The CoinShares Bitcoin Mining UCITS ETF replaces that with a diversified, quality-scored basket inside a single, daily-traded, UCITS-compliant instrument.

The launch arrives at a moment when Bitcoin's institutional standing has changed structurally. In the United States, the approval of spot Bitcoin ETFs unlocked direct institutional access, while the establishment of a Strategic Bitcoin Reserve and the passage of the GENIUS Act have placed digital assets firmly inside the perimeter of U.S. federal policy. Corporate treasuries have followed: a growing cohort of Bitcoin treasury companies now hold Bitcoin as a balance-sheet asset, building durable, structural demand for the underlying network. In Europe, MiCA has delivered regulatory clarity, giving professional investors the framework to allocate. Against this backdrop, the listed Bitcoin mining sector has itself matured into capital-intensive, gigawatt-scale industrial infrastructure, competing on energy access, hardware efficiency and operational discipline rather than speculation.

Product overview

• Fund name: CoinShares Bitcoin Mining UCITS ETF

• Fund structure: Irish-domiciled UCITS ETF

• Authorisation: Central Bank of Ireland

• Index tracked: CoinShares Bitcoin Mining Index

• Index administrator: Solactive AG

• Replication method: Physical, full replication

• Primary listing: Deutsche Börse Xetra

• Listing date: July 21, 2026

• ISIN: IE0008EKJPN4

• Ticker: MINE

• Base currency: USD

• Total Expense Ratio (TER): 0.65% p.a.

• Rebalancing frequency: Quarterly

Inside the CoinShares Bitcoin Mining Index

The CoinShares Bitcoin Mining Index is the product of ten years of proprietary research into the global Bitcoin mining sector by the CoinShares research team. It is administered and calculated by Solactive AG, rebalanced quarterly, and weighted by a CoinShares quality score that filters for the leading operators rather than simply the largest.

Each constituent is scored across five dimensions: scale and growth of deployed hashrate; profitability and cost efficiency, measured by production cost per Bitcoin and operating margin; financial resilience, measured by balance sheet strength, liquidity and debt management; environmental efficiency, measured by renewable energy mix; and corporate governance, measured by board independence, reporting quality and shareholder alignment.

The single-stock cap of 18%, extendable to 33% to the largest constituent only in exceptional circumstances, ensures diversification across the basket and removes the binary risk that comes with concentrated single-name miner positions. The CoinShares research team conducts regular on-site visits to leading mining operators, giving it proprietary ground-level intelligence into operational efficiency, management quality and strategic positioning. This informs both the index methodology and CoinShares's ability to identify the strongest operators ahead of the broader market.

CEO commentary

Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer of CoinShares, said:

"Bitcoin is no longer a question of whether, it is a question of how. Many European investors want exposure to its economics but cannot, or choose not to, hold the asset directly. The CoinShares Bitcoin Mining UCITS ETF is built for them. It is a regulated, diversified, transparent route into the infrastructure that secures the Bitcoin network, packaged in a format their mandates already accommodate. We have spent ten years studying this industry on the ground, and we are now translating that work into a product that meets European investors where they already are."

Head of Product commentary

Romain Barrot, Head of European ETP Products at CoinShares, added:

"Single-name Bitcoin miners are volatile, idiosyncratic and operationally complex. A rules-based, quality-weighted basket is a more disciplined way to access the sector. Our quality score rewards operators with cost efficiency, balance sheet strength, renewable energy mix and governance discipline, and penalises the laggards. The UCITS risk spreading requirements reduce the concentration risk that comes with holding any one miner. This is the access vehicle European investors have been waiting for."

Key risks

Bitcoin mining companies are highly exposed to Bitcoin price volatility, and face significant operational, regulatory, ESG, and cybersecurity risks. The CoinShares Bitcoin Mining UCITS ETF does not include any protection from future market performance or any capital guarantee, so you could lose some or all of your investment.

For a full description of the risks, please refer to the ‘Risk Factors’ section of the Prospectus before making any investment decision, as well as the Key Information Document, available free of charge from CoinShares and on coinshares.com 

As of July 21, 2026, the ETF has been notified for cross-border marketing under Article 93 of the UCITS Directive (2009/65/EC) in France (professional investors and retail investors), Germany (professional investors and retail investors), Luxembourg (professional investors and retail investors), Italy (professional investors and retail investors). Cross border marketing in Switzerland is permitted to qualified investors within the meaning of the Swiss Federal Act on Collective Investment Schemes, as amended.

About CoinShares

CoinShares is a leading global asset manager specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq under the ticker CSHR. For more information on CoinShares, please visit: https://coinshares.com

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