CoinShares Review (2026): ETPs, Fees, Staking and UK Access

Short answer: CoinShares is a Jersey-based digital asset manager that dates its crypto work to 2013. Since 1 April 2026 its shares have traded on Nasdaq in the US (CSHR), not in Stockholm. Its newer CoinShares Physical range is physically backed and cheap: the Bitcoin ETP (BITC) charges 0.15% a year, and the Ethereum and Solana staking products charge nothing for now. The older XBT Provider trackers, descended from the first bitcoin ETN in 2015, charge 2.50%. On staking, CoinShares pays holders a fixed reward (1.25% on Ethereum, 3.00% on Solana) and keeps the rest. UK retail investors can buy only the Bitcoin and Ethereum ETPs in London. Its Swedish-krona altcoin range, including COINXRP and COINSOL, is being compulsorily redeemed on 9 November 2026.

Who is CoinShares, and who owns it now? #

CoinShares says it has been “focusing on crypto since 2013” (Nasdaq listing release). Its 2025 annual report on Form 20-F dates the operating company, CoinShares International Limited, to 2014, with Jean-Marie Mognetti as co-founder and chief executive since March 2017. The key early deal was the 2016 purchase of XBT Provider, whose Bitcoin Tracker One listed on Nasdaq Stockholm on 18 May 2015; CoinShares calls it the first bitcoin-based security on a regulated exchange. The US business came from Valkyrie Funds, acquired on 12 March 2024.

CoinShares shares began trading in Stockholm on 11 March 2021 under the ticker CS. On 8 September 2025 it announced a merger with Vine Hill Capital Investment Corp., a US special purpose acquisition company (SPAC), valuing CoinShares at about $1.2bn. Stockholm trading ended on 20 March 2026, according to the company, and Nasdaq Stockholm delisted the shares on 1 April 2026, when the new Jersey holding company, CoinShares PLC, began trading on Nasdaq. The Swedish ETPs still trade in Stockholm.

On 30 April 2026, per the 20-F, Mognetti and director Daniel Masters held 16.4% each, Russell Newton 11.6% and Alan Howard 11.0%. Group assets under management (AUM) fell from $7.4bn at the end of 2025 to $5.52bn on 30 June 2026, then recovered to about $6.93bn by 31 August, according to the first-half 2026 results.

What does CoinShares sell in Europe? #

On 6 October 2026, CoinShares’ Swedish product page listed 30 crypto ETPs: 19 CoinShares Physical products issued by CoinShares Digital Securities Limited in Jersey, four XBT Provider tracker certificates and seven krona-denominated XBT Physical products now being wound up. They trade on Xetra, SIX, Euronext Paris and Amsterdam, Borsa Italiana, the London Stock Exchange and Nasdaq Stockholm. The flagships, with data from each product page as of 5 October 2026:

Like 21Shares, CoinShares runs a two-tier price list, and the expensive tier still holds a lot of money. Bitcoin Tracker One and its euro twin, Bitcoin Tracker Euro (also 2.50%), held about $1.58bn on 5 October 2026, close to BITC’s total at more than sixteen times the fee. The tracker programme produced 73% of the group’s management fees and other revenue in 2025, per the 20-F. Investors are leaving: the XBT Provider platform lost $982.1m net in 2025 and $104.6m in the first half of 2026, while the physical range took in $155.9m.

The rest of the physical range covers Litecoin, Chainlink and Uniswap at 1.50% and ten more staking products and two baskets at a reduced 0.00%, several holding under $2m.

Avoid the krona lines. On 22 September 2026 XBT Provider gave notice that all seven XBT Physical products, including COINXRP and COINSOL, will be compulsorily redeemed on 9 November 2026, because the group “has since decided to concentrate its altcoin and staking exposure on a single platform”. Holders get Swedish kronor by default; physical delivery, requested by 26 October 2026, carries a 1% fee. The trackers are unaffected, and the euro lines of SLNC and the XRP product remain.

Which CoinShares ETPs can UK investors buy? #

UK retail investors have been able to buy crypto ETNs on a UK recognised exchange since 8 October 2025 (see our UK crypto ETN guide). CoinShares’ two London products were listed on 14 January 2025, for professionals only. Retail access followed on 30 October 2025, when the FCA approved the issuer’s UK base prospectus. The September 2026 UK product list shows:

• BITP (GBP) / BITC (USD): Bitcoin ETP, 0.15%
• ETHP (GBP) / ETHE (USD): Ethereum Staking ETP, 0.00% plus a 1.25% staking reward

The list still uses the older name CoinShares Physical Bitcoin for BITC. One trap: the London USD line ETHE shares its ticker with Grayscale’s US Ethereum trust, so check the exchange and currency. SLNC, the XRP product and the trackers are not listed in London.

CoinShares’ UK pages for Bitcoin and Ethereum name AJ Bell, Halifax, Interactive Brokers, interactive investor, Revolut, Saxo and Trading 212 (plus Moneyfarm for Bitcoin), and Hargreaves Lansdown added both on 3 September 2026. Check your own account.

Since 6 April 2026, new crypto ETN purchases qualify only for the Innovative Finance ISA. Stocks and Shares ISA holdings bought earlier are grandfathered, and SIPPs remain eligible where the provider allows; see our crypto ETN ISA guide. There is no FSCS cover, and CoinShares’ UK pages carry the FCA warning: “Don’t invest unless you’re prepared to lose all the money you invest.”

How safe are CoinShares ETPs? #

In every programme, the 20-F says, investors carry the issuer’s credit risk and have “no contractual or other recourse to CoinShares PLC” or other group companies; our issuer safety guide explains why that matters.

• CoinShares Physical (BITC, CETH, SLNC, XRPL). Debt securities of CoinShares Digital Securities Limited, 100% physically backed, with The Law Debenture Trust Corporation as trustee and Komainu (Jersey), Zodia Custody Limited and Zodia Custody (Europe) as custodians. The BITC factsheet says the bitcoin is never lent out, and registered holders can redeem for coins.
• XBT trackers (COINXBT, COINXBE, COINETH). Certificates that “synthetically track” the coin price, per the Bitcoin Tracker One factsheet, guaranteed by CoinShares Capital Markets (Jersey), which hedges with coins and derivatives. The 20-F is blunt: they are “unsecured and unsubordinated obligations”, and the hedge assets “are not ring-fenced or bankruptcy-remote”. Its proof of reserves covers physical and synthetic exposure. That is a second reason, besides the fee, to prefer BITC.
• Custodian ties. The 20-F discloses that the group holds an investment in Komainu Holdings, in which Mognetti is a minority shareholder (a director until January 2025), so the main custodian is not fully independent of management.
• Closures. The FTX Token ETP was redeemed in December 2022 at $0.10 per security. The krona range goes in November 2026, and two US ETFs, DIME and BTF, are being liquidated around 21 October 2026.
• Financial strength. The group earned $114.3m of net income on $165.7m of revenue in 2025 (FY2025 results). In the first half of 2026 it lost $23.9m on $51.4m of revenue, including a $16.6m unrealised loss on the “XBT pricing differential”, $15.4m on its own crypto holdings and listing costs; segment EBITDA, its non-GAAP measure, was $21.6m. Net assets were about $453m with no long-term debt, but the group does not stand behind the issuers’ debts.

How does CoinShares pass on staking rewards? #

CoinShares does not pass staking rewards through; it sets a fixed reward in advance and adds it to the coin entitlement daily: 1.25% a year on the Ethereum product (announced on 1 February 2024, per the 20-F) and 3.00% on SLNC. The Ethereum factsheet says the zero fee and the reward apply “until further notice”, so either can change. A CoinShares explainer says the rate is “determined by the issuer and staking agent based on the expected staking rewards” (the staking agent is CoinShares Capital Markets), and the factsheets say the group keeps “any extra return earned from staking above the Staking Rewards for investors”. The surplus replaces a management fee.

Bitwise’s pages put the gross staking rate at 2.93% for Ethereum (average to February 2026) and 6.00% for Solana (10 March 2026). On our rough arithmetic, CETH holders get well under half the network rate and SLNC holders about half; the rest, less costs and any unstaked buffer, goes to CoinShares.

The trade-off is predictability against upside: a known yield and no fee, versus pass-through products that pay more when network yields rise and less when they fall. Net of fees (our arithmetic), CETH leaves +1.25% a year, Bitwise’s Ethereum product about +1.2% (1.85% net reward minus 0.65%) and the WisdomTree Ethereum ETP about +0.6% (0.94% rolling one-year staking return minus 0.35%). 21Shares’ ETHC, at about +1.7% on the figures in our 21Shares review, beats CETH. On Solana, SLNC’s +3.0% beats 21Shares’ CSOL (+2.3%) and ASOL (+1.1%), but Bitwise targets a 4.32% net reward, about +3.5% after its 0.85% fee. A zero fee does not guarantee the best net return; see our Ethereum ETP guide.

Is CoinShares cheaper than its rivals? #

It has the lowest headline fees on Ethereum and Solana, but not on Bitcoin. Annual fees from issuer pages on 5–6 October 2026:

On Bitcoin, BITC’s 0.15% is competitive but not cheapest: 21Shares’ CBTC charges 0.10%, Bitwise stays lower even after its promotion ends, and the table includes a zero-fee product. CoinShares calls its cut “not a fee holiday” but a “permanent commitment”, an edge over WisdomTree, whose 0.15% rises to 0.25% in 2027. Bitcoin Tracker One, at 2.50%, is the dearest Bitcoin product here: 250 a year per 10,000 invested, against 15 in BITC. On Ethereum and Solana, as the staking section shows, a 0% fee is not a 0% cost. The full Solana field is in our Solana ETP guide.

What about CoinShares’ US ETFs and its weekly flows report? #

CoinShares Valkyrie’s spot bitcoin fund, BRRR, began trading on 11 January 2024 in the first cohort of US spot bitcoin ETFs, according to the 20-F. Without a PRIIPs key information document, US ETFs are off-limits to UK and EU retail investors.

Every Monday, head of research James Butterfill publishes Digital Asset Fund Flows, a weekly tally of flows into crypto investment products across all issuers, which outlets such as The Block cite routinely. Useful context, but it is an issuer’s own research.

FAQ #

Is CoinShares safe? A large issuer with a record back to 2015; the group was profitable in 2025. CoinShares Physical ETPs are physically backed debt securities with a trustee; the XBT trackers are unsecured and synthetic. Either way you are a creditor of the issuing company, and UK holders have no FSCS cover.

Who owns CoinShares? CoinShares PLC has been listed on Nasdaq in the US (CSHR) since 1 April 2026, after leaving Stockholm. CEO Jean-Marie Mognetti and director Daniel Masters held 16.4% each on 30 April 2026.

Can I buy CoinShares ETPs in the UK? Yes, but only the London lines: the Bitcoin ETP (BITP in GBP, BITC in USD) and the Ethereum Staking ETP (ETHP in GBP, ETHE in USD). Its altcoin products are not listed there.

Are CoinShares ETPs ISA-eligible? Since 6 April 2026, new purchases of crypto ETNs fit only an Innovative Finance ISA. Stocks and Shares ISA holdings bought before then are grandfathered, and SIPPs are eligible where the provider permits.

What is XBT Provider? The Swedish issuer behind Bitcoin Tracker One, listed on Nasdaq Stockholm in May 2015 and bought by CoinShares in 2016. Its trackers are synthetic, hedged certificates charging 2.50%.

Does CoinShares pay staking rewards? Yes, as a fixed rate added to the coin entitlement, not cash: 1.25% a year on Ethereum and 3.00% on Solana, with no management fee until further notice. CoinShares keeps staking income above those rates.

Not financial advice. Capital at risk. Crypto ETPs are debt securities that track highly volatile assets; you can lose all the money you invest, and UK crypto ETNs are not covered by the FSCS. Fees, listings and staking terms change, so confirm the details in the product’s final terms and KID before investing.