8 min readThe materials on this website or any third-party websites accessed herein are not associated with and have not been reviewed or approved by: (i) Valkyrie Funds LLC dba CoinShares, its products, or the distributor of its products, or (ii) CoinShares Co., its products, or the marketing agent of its products.
NEW YORK—CoinShares, a leading global digital asset investment firm, announced today that it will implement a reverse share split of the CoinShares Bitcoin and Ether ETF (BTF). The reverse split will not impact the total net asset value of a shareholder’s investment.
Reverse split details
Ticker | CoinShares ETF | Split Ratio | Old CUSIP | New CUSIP |
|---|---|---|---|---|
BTF | CoinShares Bitcoin and Ether ETF | 1:5 | 91917A108 | 91917A702 |
Impact of the reverse split
As a result of this reverse split, every 5 shares of the Fund will be exchanged for 1 share of the Fund. Accordingly, the total number of issued and outstanding shares for the Fund will decrease by approximately 80%. In addition, as a result of the reverse split, the per share net asset value (“NAV”) and the opening market price on the next trading day following the reverse split will be approximately five times higher than the pre-split values. Shares of the Fund will begin trading on Nasdaq on a split-adjusted basis on January 26, 2026 utilizing the new CUSIP provided in the table above.
Illustration of a reverse split
The next day’s opening market value of the Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split. The table below illustrates the effect of a one-for-five reverse split on a shareholder’s position using hypothetical metrics for informational purposes only.
| # of shares owned | ETF Nav | Value of investment |
|---|---|---|---|
Before reverse split | 1,000 | $5 | $5,000 |
After split reverse | 200 | $25 | $5,000 |
Fractional shares
For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of five ), the 1:5 reverse split will result in the creation of a fractional share position. Post-reverse split fractional shares will be redeemed for cash and sent to your broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.
About CoinShares
CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that include corporations, financial institutions and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, in the U.S by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Such offerings may only be made by prospectus and other offering documents that discloses the risks and disclosures of such offering. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a risk of total loss.
Company | +44 (0)1534 513 100 |
Investor Relations | +44(0)1534 513 100 |
Press contact | CoinShares: Benoît Pellevoizin,
Disclosure & Risks
Investing involves risks. The loss of principal is possible. The Fund’s investment objectives, risks, charges and expenses should be considered before investing. The Fund may not be suitable for all investors. The Fund’s prospectus contains this and other important information and can be found at this link: https://coinshares.com/en/d/etf/prospectus/btf-2025/
Read it carefully before investing. Bitcoin, Bitcoin Futures, Ether and Ether Futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. The shares in the Fund will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.
Market Risk. The prices of Bitcoin, Bitcoin Futures, Ether and Ether Futures have historically been highly volatile. The value of the Fund’s investments in Bitcoin Futures, Ether Futures and other instruments that provide exposure to Bitcoin, Bitcoin Futures, Ether and Ether Futures – and therefore the value of an investment in the Fund – could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund, you should not invest in the Fund. The price and performance of cryptocurrency futures and cryptocurrency-linked instruments or assets should be expected to differ from the current “spot” prices (the prices at which the cryptocurrency can be purchased immediately) of those same currencies. These differences could be significant. Cryptocurrency futures are subject to costs, margin requirements, collateral requirements, and other limits that may negatively impact their performance or the performance of an investment vehicle which utilizes them. Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments. Cryptocurrencies and cryptocurrency futures are subject to rapid price swings including as a result of actions and statements by influencers and the media, changes in the supply and demand for the cryptocurrency or their futures, and other factors. If a fund’s ability to obtain exposure to cryptocurrency-linked investments consistent with their investment objectives is disrupted for any reason, including as a result of a lack of liquidity, volatility, or a disruption in the cryptocurrency or cryptocurrency futures market, or as a result of margin requirements, position limits, or other conditions, factors, or limitations of a particular fund, the fund may not be able to achieve its investment objective and may experience significant losses. Cryptocurrencies are subject to unique and substantial risks, including significant price volatility and lack of liquidity. The value of a cryptocurrency may decline significantly without warning, including to zero. Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments. If a fund’s ability to obtain exposure to cryptocurrency-linked investments consistent with their investment objectives is disrupted for any reason, including as a result of a lack of liquidity, volatility, or a disruption in the cryptocurrency or cryptocurrency futures market, or as a result of margin requirements, position limits, or other conditions, factors, or limitations of a particular fund, the fund may not be able to achieve its investment objective and may experience significant losses. Certain Definitions: “futures” are derivatives contracts in which the purchaser agrees to buy or sell a specific quantity of an underlying asset on a particular date in the future; “derivatives” are investments that derive their value from the price of the underlying asset.
The Fund is distributed by ALPS Distributors, Inc. Member FINRA
