CoinShares Accelerates Product Strategy for U.S. Market

Company to introduce new innovative products leveraging its institutional-grade research capabilities, crypto expertise and active management DNA

28 November 2025 | SAINT HELIER, Jersey | CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global asset manager specialising in digital assets, which has announced a merger with Vine Hill Capital Investment Corp (Nasdaq: VCIC), today outlined its strategic approach to the U.S. market as it prepares for its U.S. public listing.

Statement from Jean-Marie Mognetti, CEO and Co-Founder, CoinShares:

“As we approach our U.S. listing on the NASDAQ exchange, we are applying the strategic principles that have driven CoinShares' success in Europe to the very different competitive dynamics of the American market. In Europe, we built our business on single-coin ETPs, launching the world's first bitcoin ETP in 2015, and maintained strong margins through first-mover advantage, product innovation like integrated staking, and leadership in high-margin altcoin products.

The U.S. market presents a different landscape. Single-asset crypto ETPs have been rapidly commoditized, with the market consolidating around large-scale players, leaving limited opportunities for the differentiation that drives sustainable margins. As a result, this market requires a different playbook, one that leverages our core strengths in new product categories where we can deliver genuine investor value and premium economics.

Our conviction in this strategy is backed by our results. Our CoinShares Bitcoin Miners ETF (WGMI), for example, has demonstrated the market appetite for specialized digital asset exposure, growing to over $250 million in assets under management with a 0.75% management fee. This is precisely the type of differentiated product that commands premium pricing and delivers sustainable margins.

Over the next 12-18 months, we aim to bring additional innovative products to the U.S. market across three core categories: crypto equity exposure vehicles that capture the digital asset ecosystem beyond tokens themselves; thematic baskets that provide targeted exposure to specific blockchain innovation trends; and actively managed strategies combining crypto and other assets, leveraging CoinShares quantitative expertise, being an area of increased focus (as evidenced by the pending Bastion acquisition).

These products represent our institutional-grade research capabilities, our crypto expertise built over a decade, and our active management DNA. These capabilities, along with strategies that create genuine investor value, put us in a strong position to generate products that possess the potential to reach $1 billion in assets under management.

To sharpen this focus, we are streamlining our U.S. product lineup by winding down our CoinShares Bitcoin Futures Leveraged (ticker:BTFX) product and redirecting the resources previously allocated to our planned single-asset ETF launches toward higher-margin opportunities.

This is the disciplined, high-value strategy we are bringing to U.S. public markets, one that creates sustainable shareholder value while serving investors with products that reflect CoinShares' differentiated expertise as Europe's largest and longest-established digital asset manager.”

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, 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 Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Press Contact

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
coinshares@mgroupsc.com

This press release contains forward-looking statements, including, without limitation, statements regarding anticipated product launches, expected market opportunities, projected assets under management, the Company’s strategic priorities, and its planned U.S. public listing. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These forward-looking statements reflect current expectations and are based on assumptions that are inherently subject to uncertainties and contingencies beyond CoinShares’ control. Readers are cautioned not to place undue reliance on these statements. Except as required by law, CoinShares undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This press release is provided for informational purposes only and does not constitute, and should not be construed as, an offer to sell, a solicitation to buy, or a recommendation for any security, financial instrument, investment product, or advisory service. Any offering of securities will be made only by means of formal offering documents, which will contain important information about terms, risks and fees.

Certain products referenced herein, including exchange-traded products and actively managed investment strategies, may be subject to regulatory approvals that have not yet been obtained. Nothing in this press release should be interpreted as confirmation that any product has been or will be approved by the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, or any other regulatory authority. Product availability is subject to applicable laws and client eligibility requirements.

References to historical performance, assets under management, product adoption, or market growth (including the CoinShares Bitcoin Miners ETF (“WGMI”)) are provided solely to illustrate past experience and should not be relied upon as indicators of future performance. There is no assurance that any current or future CoinShares product will achieve similar adoption levels, fee structures, performance outcomes, or assets under management, including any target or potential AUM figures described in this release.

Investments linked to digital assets, blockchain technology, or crypto-related equities involve significant risks, including market volatility, liquidity constraints, regulatory uncertainty, technological failures, operational risks, and the potential for total loss of principal. Digital asset markets are highly speculative and may be affected by rapid changes in public policy, regulatory treatment, market sentiment, and technological developments. Investors should carefully evaluate these risks and seek professional financial advice before investing.

Descriptions of specific products, strategies, or fee levels (such as the management fee for WGMI) are provided as of the date of this release and may change without notice. Product features, fee schedules, index methodologies, and investment objectives may differ from jurisdiction to jurisdiction and are subject to modification.

Any timelines relating to future product development, launch windows, or strategic initiatives including the anticipated release of new U.S.-focused products – are preliminary, subject to change, and contingent upon internal considerations and external regulatory factors. CoinShares makes no guarantee that any product or strategy referenced will be launched as described or within the stated timeframe.

This communication may not be distributed or used in any jurisdiction where such distribution would be contrary to local law or regulation. Certain products or services referenced herein may not be available to residents of all jurisdictions.

You should carefully consider the funds investment objectives, risk factors, charges and expense before investing. This and other information can be found in the full prospectus available through the links below. You should read the prospectus carefully before investing or sending money.

https://coinshares.com/en/d/etf/prospectus/btfx-2025/
https://coinshares.com/en/d/etf/prospectus/wgmi-2025/
ETFs distributed by ALPS Distributors, Inc. Member FINRA.