| Certificate liabilities |
6. Certificate liabilities The certificate liabilities of the Group comprise those arising from the issuance of the CoinShares XBT Provider, CoinShares Physical, and CoinShares XBTP Physical ETPs. XBT Provider certificate liabilities are cash-settled instruments under which investors receive, upon redemption, a cash amount linked to the value of the referenced digital asset, net of applicable fees. CoinShares Physical ETPs provide exposure to specified digital assets and are settled by delivery of the referenced digital asset upon redemption. The certificates do not bear contractual interest. Investor returns are determined primarily by reference to the performance of the underlying digital asset, subject to applicable management fees. The certificates are generally open-ended and may be redeemed at the election of the holder in accordance with the applicable product terms. The fair value of the certificate liabilities is primarily driven by (i) the market price of the referenced digital asset and (ii) the number of certificates outstanding. To economically hedge its exposure, the Group holds corresponding digital assets against its CS Physical and XBT Physical Certificate Liabilities, and holds a mix of corresponding digital assets, digital asset ETPs and digital asset futures against its XBT Provider Certificate Liabilities. CS Physical and XBTP Physical ETP certificates are settled in the referenced digital assets and the Group holds the same number and type of digital assets. Similarly, the number and type of digital assets referenced by the XBT Provider certificates are offset by holdings of assets tracking the same number and type of digital assets, maintaining a perfect economic hedging relationship. For these certificate liabilities, because the certificate liabilities are fair valued based on the referenced digital assets, fair value movements are equal and opposite and have no net impact to income or loss. However, because holders of the XBT Provider certificates have a cash redemption option, the fair value of the XBT Certificate Liabilities is measured based on the last traded price of the associated ETP adjusted for material market movements in the underlying referenced digital asset prices. The total fair value of the XBT Provider certificates will typically be lower than the fair value of the total corresponding digital assets held to economically hedge the exposure at June 30, 2026 and December 31, 2025. As a consequence, changes in fair values at any given point in time will similarly not be equal and opposite resulting in a net impact to income or loss — which is defined by management as the “XBT pricing differential”. The relationship and fair value of the certificate liability programs and the assets held to hedge them are presented below: | Liabilities | | Assets | | Name | | Fair value
methodology | | Type of asset
economically
hedging the liability | | Fair value
methodology | | Location on
Consolidated Balance
Sheets | | CS Physical Certificate Liabilities | | Price of referenced digital asset | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | XBT Physical Certificate Liabilities | | Price of referenced digital assets | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | XBT Certificate Liability | | Traded price of XBT certificate liability, adjusted for material market conditions related to movements in the underlying coin prices through 11:59:59 GMT | | Referenced digital asset | | Quoted price of digital asset in principal market at 11:59:59 GMT | | Digital assets — held for operations | | | | | | Digital asset ETPs which track the referenced digital asset price | | Price of digital asset ETP | | Digital asset exchange traded products | | | | | | Digital asset futures which track the referenced digital asset price | | Price of digital asset future | | Prepaids and other current assets Other non-current assets | | | | For the Six Months Ended
June 30, | | | | 2026 | | 2025 | | Gains from operations, net of change in XBT pricing differential | | $ | 3,425 | | | $ | 4,344 | | (Loss)/Gain from change in XBT pricing differential | | | (16,556 | ) | | | 18,122 | | Total (losses)/gains from operations | | $ | (13,131 | ) | | $ | 22,466 | While this gain or loss is included in operating income, it reflects a temporary unrealized gain or loss that is caused by differences in the timing of secondary market conditions impacting the assets and liabilities that form the XBT hedging relationship and not the ongoing operational strategy of the Group to economically hedge its assets and liabilities based on a matching of nominal values. As noted in Note 2, Operating segment information, management adjusts for the (Loss)/Gain from change in XBT pricing differential arriving at its measure of segment profitability Segment EBITDA, where it is referred to as the XBT pricing differential. The table below disaggregates the balance of the certificate liabilities by corresponding referenced digital assets: | | | As of | | | | June 30,
2026 | | December 31,
2025 | | CoinShares XBT Provider | | | | | | | | CoinShares XBTP – Bitcoin | | $ | 1,042,940 | | $ | 1,768,572 | | CoinShares XBTP – Ethereum | | | 315,064 | | | 696,435 | | Total XBT Certificate Liabilities | | $ | 1,358,004 | | $ | 2,465,007 | | | | | | | | | | CoinShares Physical | | | | | | | | CoinShares Physical – Bitcoin | | $ | 882,116 | | $ | 1,222,197 | | CoinShares Physical – Staked Ethereum | | | 195,192 | | | 291,152 | | CoinShares Physical – Staked Solana | | | 111,714 | | | 189,058 | | CoinShares Physical – XRP | | | 125,444 | | | 226,084 | | CoinShares Physical – Other | | | 92,326 | | | 112,663 | | Total CS Physical certificate liabilities | | $ | 1,406,792 | | $ | 2,041,154 | | | | | | | | | | CoinShares XBT Provider Physical | | | | | | | | CS XBTP Physical Staked Solana | | $ | 542 | | $ | 613 | | CS XBTP Physical Other | | | 784 | | | 666 | | Total XBT CS Physical Certificate Liabilities | | $ | 1,326 | | $ | 1,279 | Breakdown of certificate type by number and value: | (in thousands, except number of certificates) | | As of | | Certificate type | | Number of certificates | | Dollars | | June 30,
2026 | | December 31,
2025 | | June 30,
2026 | | December 31,
2025 | | Bitcoin Tracker One | | 2,096,355 | | 2,249,885 | | $ | 517,474 | | $ | 885,201 | | Bitcoin Tracker Euro | | 213,291 | | 225,032 | | | 525,465 | | | 883,371 | | Ether Tracker One | | 10,148,660 | | 10,353,931 | | | 120,558 | | | 265,659 | | Ether Tracker Euro | | 1,642,761 | | 1,677,905 | | | 194,507 | | | 430,776 | | CoinShares Bitcoin ETP | | 15,706,757 | | 14,488,307 | | | 882,113 | | | 1,222,197 | | CoinShares Ethereum Staking ETP | | 4,123,973 | | 3,251,673 | | | 195,192 | | | 291,152 | | CoinShares Litecoin ETP | | 800,220 | | 698,920 | | | 6,161 | | | 9,992 | | CoinShares XRP ETP | | 3,274,564 | | 3,298,284 | | | 125,444 | | | 226,083 | | CoinShares Polkadot Staking ETP | | 3,216,000 | | 2,775,000 | | | 3,229 | | | 6,010 | | CoinShares Tezos Staking ETP | | 3,807,400 | | 3,760,900 | | | 4,681 | | | 10,909 | | CoinShares Solana Staking ETP | | 13,466,523 | | 13,560,223 | | | 111,714 | | | 189,058 | | CoinShares Chainlink ETP | | 13,753,400 | | 13,483,400 | | | 9,233 | | | 15,577 | | CoinShares Uniswap ETP | | 10,827,500 | | 8,387,500 | | | 2,814 | | | 4,483 | | CoinShares Cardano Staking ETP | | 61,015,625 | | 47,690,625 | | | 9,659 | | | 17,354 | | CoinShares Cosmos Staking ETP | | 1,630,500 | | 1,630,500 | | | 1,490 | | | 1,864 | | CoinShares Polygon Staking ETP | | 3,501,500 | | 3,101,500 | | | 2,737 | | | 3,497 | | CoinShares Algorand Staking ETP | | 8,229,700 | | 7,794,700 | | | 7,306 | | | 9,225 | | CoinShares SEI Staking ETP | | 2,111,000 | | 1,985,000 | | | 1,012 | | | 2,227 | | CoinShares TON Staking ETP | | 360,000 | | 110,000 | | | 276 | | | 91 | | (in thousands, except number of certificates) | | As of | | Certificate type | | Number of certificates | | Dollars | | June 30,
2026 | | December 31,
2025 | | June 30,
2026 | | December 31,
2025 | | CoinShares BNB Staking ETP | | 10,000 | | — | | | 27 | | | — | | CoinShares Hyperliquid Staking ETP | | 4,730,200 | | — | | | 19,832 | | | — | | CoinShares Physical Top 10 Crypto
Market | | 423,800 | | 332,600 | | | 7,766 | | | 10,037 | | CoinShares Physical Smart Contract Platform | | 112,000 | | 119,000 | | | 1,443 | | | 2,412 | | CoinShares Finanzen.net Top 10 Crypto ETP | | 1,683,000 | | 1,394,500 | | | 14,663 | | | 18,986 | | CoinShares XBTP Physical Litecoin | | 20,000 | | 20,000 | | | 59 | | | 108 | | CoinShares XBTP Physical XRP | | 153,000 | | 63,000 | | | 311 | | | 232 | | CoinShares XBTP Physical Chainlink | | 30,000 | | 30,000 | | | 74 | | | 129 | | CoinShares XBTP Physical Uniswap | | 45,000 | | 5,000 | | | 122 | | | 29 | | CoinShares XBTP Physical Staked
Cardano | | 163,000 | | 23,000 | | | 167 | | | 56 | | CoinShares XBTP Physical Staked Polkadot | | 60,000 | | 60,000 | | | 51 | | | 112 | | CoinShares XBTP Physical Staked
Solana | | 240,000 | | 160,000 | | | 542 | | | 613 | | Total certificates | | 167,595,729 | | 142,730,385 | | $ | 2,766,122 | | $ | 4,507,440 | Issuances in relation to CoinShares Physical certificates result in the receipt of digital assets, not cash, and therefore do not impact changes in operating activities within the consolidated statements of cash flows. Management fee is net of the increase in the coin entitlement arising from the staking proceeds owed to CS Physical noteholders for staked products. |
|
| Certificate liabilities |
|
8. Certificate liabilities The certificate liabilities of the Group comprise those arising from the issuance of the CoinShares XBT Provider, CoinShares Physical, and CoinShares XBTP Physical ETPs. XBT Provider certificate liabilities are cash-settled instruments under which investors receive, upon redemption, a cash amount linked to the value of the referenced digital asset, net of applicable fees. CoinShares Physical ETPs provide exposure to specified digital assets and are settled by delivery of the referenced digital asset upon redemption. The certificates do not bear contractual interest. Investor returns are determined primarily by reference to the performance of the underlying digital asset, subject to applicable management fees. The certificates are generally open-ended and may be redeemed at the election of the holder in accordance with the applicable product terms. The fair value of the certificate liabilities is primarily driven by (i) the market price of the referenced digital asset and (ii) the number of certificates outstanding. To economically hedge its exposure, the Group holds corresponding digital assets in respect of the issued certificates. | | | As of December 31, | | | | 2025 | | 2024 | | CoinShares XBT Provider | | | | | | | | CoinShares XBTP – Bitcoin | | $ | 1,768,572 | | $ | 2,675,425 | | CoinShares XBTP – Ethereum | | | 696,435 | | | 1,020,112 | | Total XBT Certificate Liabilities | | $ | 2,465,007 | | $ | 3,695,537 | | | | | | | | | | CoinShares Physical | | | | | | | | CoinShares Physical – Bitcoin | | $ | 1,222,197 | | $ | 773,007 | | CoinShares Physical – Staked Ethereum | | | 291,152 | | | 278,318 | | CoinShares Physical – Staked Solana | | | 189,058 | | | 127,568 | | CoinShares Physical – XRP | | | 226,084 | | | 144,313 | | CoinShares Physical – Other | | | 112,663 | | | 130,737 | | Total CS Physical certificate liabilities | | $ | 2,041,154 | | $ | 1,453,943 | | | | | | | | | | CoinShares XBT Provider Physical | | | | | | | | CS XBTP Physical Staked Solana | | $ | 613 | | $ | — | | CS XBTP Physical Other | | | 666 | | | — | | Total XBT CS Physical Certificate Liabilities | | $ | 1,279 | | $ | — | Breakdown of certificate type by number and value: | (in thousands, except number of certificates) | | As of December 31, | | | | Number of certificates | | Dollars | | Certificate type | | 2025 | | 2024 | | 2025 | | 2024 | | Bitcoin Tracker One | | 2,249,885 | | 2,713,492 | | $ | 885,201 | | $ | 1,200,872 | | Bitcoin Tracker Euro | | 225,032 | | 332,913 | | | 883,371 | | | 1,474,552 | | Ether Tracker One | | 10,353,931 | | 12,287,008 | | | 265,659 | | | 370,577 | | Ether Tracker Euro | | 1,677,905 | | 2,119,967 | | | 430,776 | | | 649,535 | | CoinShares Bitcoin ETP | | 14,488,307 | | 8,555,086 | | | 1,222,197 | | | 773,007 | | CoinShares Ethereum Staking ETP | | 3,251,673 | | 2,803,190 | | | 291,152 | | | 278,318 | | CoinShares Litecoin ETP | | 698,920 | | 607,000 | | | 9,992 | | | 11,839 | | CoinShares XRP ETP | | 3,298,284 | | 1,831,780 | | | 226,083 | | | 144,312 | | CoinShares Polkadot Staking ETP | | 2,775,000 | | 1,698,100 | | | 6,010 | | | 12,997 | | CoinShares Tezos Staking ETP | | 3,760,900 | | 839,000 | | | 10,909 | | | 5,878 | | CoinShares Solana Staking ETP | | 13,560,223 | | 6,181,100 | | | 189,058 | | | 127,568 | | CoinShares Chainlink ETP | | 13,483,400 | | 8,021,000 | | | 15,577 | | | 15,433 | | CoinShares Uniswap ETP | | 8,387,500 | | 6,190,000 | | | 4,483 | | | 7,873 | | CoinShares Cardano Staking ETP | | 47,690,625 | | 34,472,500 | | | 17,354 | | | 31,182 | | CoinShares Cosmos Staking ETP | | 1,630,500 | | 694,500 | | | 1,864 | | | 2,433 | | CoinShares Polygon Staking ETP | | 3,101,500 | | 1,443,500 | | | 3,497 | | | 7,131 | | CoinShares Algorand Staking ETP | | 7,794,700 | | 5,026,000 | | | 9,225 | | | 17,703 | | CoinShares SEI Staking ETP | | 1,985,000 | | — | | | 2,227 | | | — | | CoinShares TON Staking ETP | | 110,000 | | — | | | 91 | | | — | | CoinShares Physical Top 10 Crypto
Market | | 332,600 | | 114,000 | | | 10,037 | | | 3,786 | | CoinShares Physical Smart Contract Platform | | 119,000 | | 121,000 | | | 2,412 | | | 3,343 | | (in thousands, except number of certificates) | | As of December 31, | | | | Number of certificates | | Dollars | | Certificate type | | 2025 | | 2024 | | 2025 | | 2024 | | CoinShares Finanzen.net Top 10 Crypto ETP | | 1,394,500 | | 730,000 | | | 18,986 | | | 11,141 | | CoinShares XBTP Physical Litecoin | | 20,000 | | — | | | 108 | | | — | | CoinShares XBTP Physical XRP | | 63,000 | | — | | | 232 | | | — | | CoinShares XBTP Physical Chainlink | | 30,000 | | — | | | 129 | | | — | | CoinShares XBTP Physical Uniswap | | 5,000 | | — | | | 29 | | | — | | CoinShares XBTP Physical Staked
Cardano | | 23,000 | | — | | | 56 | | | — | | CoinShares XBTP Physical Staked Polkadot | | 60,000 | | — | | | 112 | | | — | | CoinShares XBTP Physical Staked
Solana | | 160,000 | | — | | | 613 | | | — | | Total certificates | | 142,730,385 | | 96,781,136 | | $ | 4,507,440 | | $ | 5,149,480 | Reconciliation of certificates | | | For the year ended
December 31, | | | | 2025 | | 2024 | | Opening position | | $ | 5,149,480 | | | $ | 2,948,821 | | | Movement from net redemption of XBT Certificate Liabilities | | | (971,063 | ) | | | (766,319 | ) | | Movement from net issuance of XBT CS Physical Certificate Liabilities | | | 1,859 | | | | — | | | Movement from net issuance of CS Physical Certificate Liabilities | | | 1,101,229 | | | | 165,188 | | | Management fee, net | | | (87,830 | ) | | | (83,109 | ) | | (Gain)/loss on certificate liabilities | | | (802,747 | ) | | | 2,910,985 | | | Translation of foreign currency denominated holdings | | | 116,512 | | | | (26,086 | ) | | Closing position | | $ | 4,507,440 | | | $ | 5,149,480 | | Issuances in relation to CoinShares Physical certificates result in the receipt of digital assets, not cash, and therefore do not impact changes in operating activities within the consolidated statements of cash flows. Management fee is net of the increase in the coin entitlement arising from the staking proceeds owed to CS Physical noteholders for staked products. |