Press releases

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

SAINT HELIER, Jersey, 20 April 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) announces that on 20 April 2021, the Board of Directors (the "Board") approved the granting of 373,944 options (the “Options”) over ordinary shares of £0.000495 par value each (“Ordinary Shares”) under the Company’s Employee Incentive Plan (“EIP”) as part of the staff remuneration for the financial year ended 31 December 2020, as approved at the meeting of the Board held on 26 March 2021. The 373,944 Options granted represent 0.56% of the issued share capital of the Company, bringing the total number of shares under option in issue to 3,513,353 (5.28% of the issued share capital of the Company).

The vesting date of the Options granted shall be 20 April 2024, being three years from the date of grant. The exercise price of the Options is SEK 94.4 per Ordinary Share, being the closing mid-market price published by Nasdaq First North Growth Market on 19 April 2021.

Options granted under the EIP to persons discharging managerial responsibilities for the financial year ended 31 December 2020 have been included in the table below, which sets out the total shareholding and interests of each individual in the Company:

IndividualRoleNumber of Shares % of issued capital New Options Total Options Jean-Marie Mognetti CEO 11,824,359 17.77% 87,238 517,812 Meltem Demirors CSO 2,778,020 4.17% 37,387 221,036 Richard Nash COO 900 0.00% 18,693 134,206 Graeme Dickson GGC 12,427 0.02% 18,693 108,897 14,615,70621.96%162,011981,951

About CoinShares

CoinShares is Europe's largest digital asset investment firm, managing over USD 4.5 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

For more information on CoinShares, please visit: https://coinshares.com

Company | +44 (0)1534 513 100 | enquiries@coinshares.com

Investor Relations – Jay Morakis | +1 646 859 5951 | enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 8:00am BST on 20 April 2021.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

CoinShares announces launch of 3iQ CoinShares Ether Exchange Traded Fund (“ETF”)

SAINT HELIER, Jersey, April 19, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today announces that the Canadian securities regulator have issued a receipt for the final prospectus of the 3iQ CoinShares Ether ETF (the “Ether ETF”).

The Ether ETF’s investment objectives are to provide holders of units of the Ether ETF with exposure to the digital currency Ether and the daily price movements of the U.S. dollar price of Ether, and the opportunity for long-term capital appreciation. 3iQ Corp. (“3iQ”) will act as the investment and portfolio manager of the Ether ETF which, subject to the Ether ETF satisfying the Toronto Stock Exchange’s (the “TSX”) original listing requirements, is expected to begin trading later this month on the TSX in Canadian dollars under the symbol “ETHQ” and in U.S. dollars under the symbol “ETHQ.U”.

CoinShares is Europe’s largest digital asset manager, with approximately US$4.5 billion¹ in AUM across its family of exchange traded products. As noted in CoinShares’ weekly Digital Asset Fund Flows report, the first quarter of 2021 saw record inflows into digital asset investment products, exceeding flows in Q4 2020. A growing share of these flows have been to Ethereum investment products, as the decentralized finance (DeFi) and Web3 ecosystem continues to grow in adoption and usage, and as investors continue to increase overall exposure to digital assets as evidenced by global fund AUM rising to around $60B².

“We’re excited to grow our asset management footprint in North America in collaboration with 3iQ, Canada’s largest digital asset manager,” said Jean Marie Mognetti, CEO of CoinShares, “Following our public listing in March of this year, CoinShares continues to pursue an aggressive strategic growth plan, leveraging our deep institutional experience managing digital assets while providing trust and transparency to investors. We are excited to bring our robust capital markets infrastructure and unparalleled expertise and network in the digital asset ecosystem together with 3iQ’s product innovation and distribution capabilities to build a robust suite of digital asset investment products.”

CoinShares announced a strategic investment in 3iQ on April 1, 2021 as well as the filing of the 3iQ CoinShares Bitcoin ETF on the TSX, which launched on April 19, 2021.

CoinShares and 3iQ share similar objectives - to make digital assets more inclusive by facilitating access to investors through a variety of trusted, regulatory compliant investment vehicles that are available in global markets. CoinShares' participation in the Ether ETF will allow 3iQ to leverage the global brand that CoinShares has built over the past 8 years, allowing them to extend their outreach. The 3iQ CoinShares Ether ETF will continue to extend CoinShares’ brand recognition in the North American asset management market, which is a strategic growth market for CoinShares in 2021.

Footnotes

1. As at Monday April 19, 2021

2. Sourced from the CoinShares Weekly Digital Asset Fund Flows Report as of April 12, 2021. This report is updated weekly on Mondays and can be accessed at https://coinshares.com/research/digital-asset-fund-flows

About CoinShares

CoinShares is Europe's largest digital asset investment firm, managing over US$4.5 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

For more information on CoinShares, please visit: https://coinshares.com

Company | +44 (0)1534 513 100 | enquiries@coinshares.com

Investor Relations – Jay Morakis | +1 646 859 5951| enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 9:00pm BST on April 19, 2021.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

SAINT HELIER, Jersey, April 1, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today announced a strategic collaboration with 3iQ Corp (“3iQ”), commencing with the launch of the 3iQ CoinShares Bitcoin ETF (the “ETF”). As part of this collaboration, CoinShares also disclosed a strategic investment in 3iQ, which further aligns the objectives of the two firms.(1)

Founded in 2012, 3iQ is Canada’s largest digital asset investment fund manager with more than C$2.1 billion in assets under management. 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund.

The ETF will be offered in all of the provinces and territories of Canada. The Toronto Stock Exchange (“TSX”), the largest stock exchange in Canada, has conditionally approved the listing of the Units under the symbols “BTCQ.U” (in U.S. dollars) and “BTCQ” (in Canadian dollars), subject to the fulfillment of TSX requirements. 3iQ will act as the investment and portfolio manager of the ETF which is expected to begin trading in early April, 2021.

CoinShares and 3iQ share similar objectives - to make digital assets more inclusive by facilitating access to investors through a variety of trusted, regulatory compliant investment vehicles that are available in global markets. CoinShares' participation in the ETF will allow 3iQ to leverage the global brand that CoinShares has built over the past 8 years, allowing them to extend their outreach. The 3iQ CoinShares Bitcoin ETF will increase CoinShares’ brand recognition in the North American asset management market, which is a strategic growth market for CoinShares in 2021.

Jean Marie Mognetti, CEO of CoinShares, commented:

“While global banks are beginning to explore making bitcoin investment products available to their wealthiest clients, at CoinShares, our mission is to provide investors with a variety of options to facilitate investment in digital assets by lowering barriers to entry. In 2015, CoinShares was the first firm in the world to offer regulated, publicly listed exchange traded products that allowed investors to obtain exposure to bitcoin in their portfolios. With inflows into digital asset investment funds exceeding $6B in the first quarter of 2021, and global AUM reaching a new record of $55B(2), our team at CoinShares believes digital assets will continue to grow as more investors look for cost-efficient vehicles to access this exciting new asset class. We are actively exploring new ways we can partner with exceptional firms like 3iQ to pursue our mission of making digital assets more accessible to both retail and institutional investors.”

Footnotes

1. This investment was disclosed in the CoinShares Prospectus and Q4 and FY2020 Earnings Report, which can be accessed at https://coinshares.com/investor-relations

2. Sourced from the CoinShares Weekly Digital Asset Fund Flows Report as of 29 March 2021. This report is updated weekly on Mondays and can be accessed at https://coinshares.com/research/digital-asset-fund-flows

About CoinShares

CoinShares is Europe's largest digital asset investment firm, managing over USD 4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

For more information on CoinShares, please visit: https://coinshares.com

Company | +44 (0)1534 513 100 | enquiries@coinshares.com

Investor Relations – Jay Morakis | +1 646 859 5951 | enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 5:45pm BST on 01 April 2021.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

SAINT HELIER, Jersey, Mar 31, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today announced preliminary financial results and operational update for the fourth quarter and the year-ended 31 December 2020. The full report, which is attached to this press release, can also be found on the CoinShares website in the Investor Relations section.

The financial information included below has been derived from the unaudited financial information of the Group. The annual report of the Group, inclusive of the audited financial statements will be made available on 31 May 2021, as per the financial calendar published on the Group’s website.

Year ended December 2020

• Management fees generated by CoinShares Passive of GBP 18.4 million, an increase of 62% on 2019 (GBP 11.3 million);
• Trading gains generated by CoinShares Capital Markets of GBP 16.4 million, an increase of 75% on 2019 (GBP 9.4 million);
• Adjusted EBITDA of the Group of GBP 22.4 million, an increase of 100% on 2019 (GBP 11.2 million);
• Total comprehensive income of the Group of GBP 18.7 million, an increase of 109% on 2019 (GBP 8.9 million);
• Level of Group assets under management (“AUM”) has increased over the year to GBP 1.74 billion and increase of 336% on 2019 (GBP 0.40 billion);
• Net asset position of the Group has increased to GBP 56.5 million, an increase of 24% on 2019 (GBP 45.3 million).

Quarter ended December 2020

• Management fees generated by CoinShares Passive of GBP 7.1 million, an increase of 137% on Q4 2019 (GBP 3.0 million);
• Trading gains generated by CoinShares Capital Markets of GBP 5.2 million, an increase of 116% on Q4 2019 (GBP 2.4 million);
• Adjusted EBITDA of the Group of GBP 7.9 million, an increase of 147% on Q4 2019 (GBP 3.2 million);
• Total comprehensive income of the Group of GBP 4.4 million, an increase of 16% on Q4 2019 (GBP 3.8 million).

Post year end

• Completed public listing on Nasdaq First North Growth Market on 11 March 2021;
• AUM has continued to increase since the year end, surpassing both USD 3 billion in January and subsequently USD 4 billion at the start of February, reaching all-time-highs for the Group;
• Average AUM of the Group in the period since year end stands at USD 3.72 billion, with AUM as at 30 March 2020 of USD 4.56 billion;
• Management fees generated on total AUM based on current composition of products in issue (by both XBT Provider AB & CoinShares Digital Securities Limited) stands at a weighted average of 2.48% per annum;
• Trading gains have further strengthened moving into 2021, building on the momentum that was seen over Q4 2020;

Jean Marie Mognetti, CEO of CoinShares, commented on the results:

“2020 was a transformative year for CoinShares. Today, we are proud to mark the closing of what by any financial measure will be the most successful year our Group has ever had. The figures speak for themselves: fees generated by CoinShares Passive are up 62% year on year with record levels of assets under management;and trading gains generated by CoinShares Capital Markets are up 75% year on year without taking on any directional risk. This performance has led to total comprehensive income increasing by 109% year on year, and generated EBITDA of GBP 22.4 million. The performance seen in Q4 2020 has continued into the first quarter of 2021 and, in our view, this bodes well for the overall crypto market outlook.

Q4 2020 will be remembered as a tipping point in the journey of bitcoin and digital assets towards being recognized as a genuine asset class. This utterly transformative way to create, use and consume financial services has started to attract institutional capital at scale.

Our March 2021 public listing on Nasdaq’s First North Growth Market represents CoinShares’ latest commitment to strengthen the transparency and trust in our brand, our products and our people.”

About CoinShares

CoinShares is Europe's largest digital asset investment firm, managing over USD 4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

For more information on CoinShares, please visit: https://coinshares.com

Company | +44 (0)1534 513 100 | enquiries@coinshares.com

Investor Relations – Jay Morakis | +1 (0)646 859 5951| enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 8:00am GMT on 31 March 2021.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

Attachment

• 2020 & Q4 Interim Results Report

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

Saint Helier, JERSEY, 10 March, 2021

Today, 10 March 2021, Nasdaq Stockholm AB has formally approved the Company’s application for admission to trading. Tomorrow, 11 March 2021, will be the first day of trading in CoinShares International Limited's ("CoinShares" or the "Company") shares on Nasdaq First North Growth Market. The share is traded under the ticker "CS" with the ISIN code JE00BLD8Y945.

Jean-Marie Mognetti, CEO of CoinShares, commented:

"Today’s listing of CoinShares on the Nasdaq First North Growth Market represents a major and exciting milestone for our company.

We have had a strong presence in Sweden and on Nasdaq Nordic since 2016 with our XBT Provider line of crypto ETPs, which now have over $4 billion in AUM, and we are delighted to expand our commitment to Nasdaq and Sweden with today’s announcement.

As investors look for new ways to gain exposure to the expanding digital asset class, their response to our IPO is an encouraging sign for our future on Nasdaq as well as further evidence of the increased interest in the wider digital asset industry.

We will continue to strive to bring trust and transparency to the digital asset class and look forward to welcoming our new shareholders into the CoinShares family as we bring further innovative products and services to the digital asset ecosystem."

New share issue prior to listing

As previously communicated, the Company's offering (the “Offering”) raised funds of SEK 151.1 million, prior to costs associated with the listing. The Offering was oversubscribed, having received total subscriptions amounting to approximately SEK 675.0 million (corresponding to a subscription rate of 447% of the total Offering). The Company welcomes around 2,280 new shareholders.

Advisors

Mangold Fondkommission AB is acting as financial advisor and sole bookrunner in the Offering. Baker McKenzie is acting as legal advisor to CoinShares.

For more information, please contact:

Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

About CoinShares

CoinShares is Europe's largest digital asset investment firm, managing over $4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

Saint Helier, JERSEY, 4 March, 2021

The subscription period for shares in the initial public offering (the “Offering”) from CoinShares International Limited (“CoinShares” or the “Company”) ended Tuesday, 2 March, 2021. The outcome of the Offering shows that the Offering was subscribed to 447% and that the Company will receive proceeds of SEK 151.1 million before issue costs.

The Offering of SEK 151.1 million was covered by subscription commitments of SEK 125.5 million, corresponding to 83% of the total Offering. In addition to these subscription undertakings, the Company received retail subscriptions amounting to SEK 549.5 million from a total of 12,523 subscribers, representing an oversubscription of 2,046% of the shares available to retail investors.

Overall, subscriptions were therefore received for a total of SEK 675.0 million (including subscription commitments received prior to the Offering), corresponding to 447% of the total Offering.

The price in the Offering had been set to SEK 44.9 per share. As the Offering has been fully subscribed, CoinShares will receive SEK 151.1 million before issue costs.

Allotment

As a result of the significant interest shown for the Offering, not all subscribers have been allocated shares. Allotment of shares in the Offering has been decided by the Company's Board of Directors in accordance with the principles set out in the prospectus prepared by the Company, which was approved by the Swedish Financial Supervisory Authority on 22 February, 2021 (the "Prospectus").

Notification of any allotment will be received via settlement notes, which are expected to be delivered on or around 4 March 2021. Subscribers who are not allotted any shares will not be notified.

Number of shares and share capital

The Offering will entail an increase in the number of shares in the Company, from 63,187,460 to 66,551,863. The share capital in the Company will increase from GBP 31,277.79 to GBP 32,943.17.

New ticker for the shares on Nasdaq First North Growth Market

CoinShares has elected to change its ticker to “CS” with immediate effect.

Indicative schedule

• Settlement date: 9 March, 2021
• Preliminary first day of trading: 11 March, 2021

Advisors

Mangold Fondkommission AB is acting as financial advisor and sole bookrunner in the Offering. Baker McKenzie is acting as legal advisor to CoinShares.

For more information, please contact:

Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Certified Advisor | Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

About CoinShares

CoinShares is Europe’s largest digital asset investment firm, managing approximately $4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Forward-looking information

This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's and the group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates.

Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq First North Growth Market's rule book for issuers.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND PROVINCES, EVERY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, NEW ZEALAND, JAPAN, CANADA, HONG KONG OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

Saint Helier, JERSEY, 22 February, 2021

CoinShares International Limited ("CoinShares" or the "Company"), a pioneer in developing financial products, infrastructure, and services for the digital asset class, today announces the launch of an initial public offering of 3,364,403 shares directed to the public in Sweden and institutional investors in Sweden and abroad in connection with the intended listing of the Company's shares on Nasdaq Firth North Growth Market in Stockholm (the "IPO" or the "Offering"). Due to the Offering, the Company has prepared a prospectus which has today been approved with and registered by the Swedish Financial Supervisory Authority and is available on the Company's website.

The Offering in brief

• The Offering will consist of a new issue of a maximum of 3,364,403 shares, corresponding to an issue size of approximately SEK 151 million before deduction of transaction costs (provided that the Offering is fully subscribed).
• The Offering will be conducted at a fixed price of SEK 44.90 per share, corresponding to a total market value of the Company's shares of approximately SEK 2,837 million prior to the Offering.
• The subscription period commences on 23 February 2021, and ends on 2 March 2021.
• Subscription commitments of approximately SEK 125 million, corresponding to approximately 83% of the Offering have been made by members of the Board of Directors and Executive Management of the Company, existing shareholders, and external investors.
• The Offering is directed to the public in Sweden and institutional investors in Sweden and abroad.
• For complete information on the Offering, potential investors are referred to the prospectus available on the Company's website (www.coinshares.com). The Swedish language version of the prospectus has today been approved by the Swedish Financial Supervisory Authority (the "SFSA"). The prospectus, including an English language version, will also be available on Mangold Fondkommission's website (www.mangold.se) as well as the SFSA's website (www.fi.se).
• Subscription forms regarding the Offering will be made available on the Company's and Mangold's websites on 23 February 2021 when the subscription period commences.
• The first day of trading is expected to be 11 March 2021 and the ticker for the Company's shares will be "COIN".
• Nasdaq Stockholm AB granted conditional approval on 19 February 2021 for admission to trading of the Company's shares on Nasdaq First North Growth Market provided that the Company meets the conditions in Nasdaq First North's rulebook (including as to distribution requirements of the Company's shares) by no later than the first day of trading.

Background to the Offering

In 2013, the founders of the Company identified certain characteristics within the digital assets market that were comparable to that of the nascent commodity markets of the 1990s. The digital asset market was volatile, illiquid, and lacked formal structure and professional participation. While interest in the space was growing, the lack of understanding from investors in how to purchase, store and trade digital assets was - and to some extent still is - preventing professional investors and firms from entering the market.

The activities of the Group are therefore focused solely on the digital asset sector and comprise building financial products, services, and innovative infrastructure for the digital asset class. These activities, and therefore the financial performance of the Group, are driven by CoinShares' two core business units, CoinShares Passive, which issues exchange traded products offering exposure to a range of digital assets, and CoinShares Capital Markets, which is focused on trading activities.

In addition, the CoinShares Group explores a wide range of additional opportunities within the growing digital asset space. The management team of the Group is committed to further expanding the products and services CoinShares offers, while simultaneously overseeing the continued growth of its core business units. As active participants within the digital asset sector, the Company also produces a wide range of research, providing clients and the broader market with analysis on this rapidly evolving industry.

The CoinShares Group brings together a wide range of financial products and services into a single brand.

The Board of Directors believes that the Offering and listing of the Company's Ordinary Shares on Nasdaq First North Growth Market will, among other things:

• Increase the Company's balance sheet to support the execution of its strategic initiatives;
• Provide the Company's shareholders and counterparties with greater transparency over the Company's financial position;
• Increase the level of regulatory scrutiny on the Company, allowing it to demonstrate its strong corporate governance to external parties;
• Elevate brand recognition;and
• Provide liquidity for the Company's Shareholders.

Jean-Marie Mognetti, CEO of CoinShares, commented:

"In recent years, CoinShares has enjoyed consistent growth as digital assets have gained broader acceptance among a range of investors, including financial institutions and corporations. With assets under management for the Group reaching a high of US$4.56 billion as at 19 February 2021 and trading volumes growing, CoinShares has proven its place as one of the world's leading digital asset investment firms.

This listing provides CoinShares with an opportunity to offer an even greater degree of visibility around its operations and to increase its credibility, trust, and transparency in the nascent digital assets sector. The CoinShares team and I believe this listing will help accelerate our growth, including the expansion of our product offerings, the size of our client base and the strength of our brand.

I am grateful to the dedication of my colleagues who shared our vision and joined us to build this fantastic company and of course to Nasdaq Stockholm who have been our trusted partner since 2015 in respect of our exchange traded products and now, today, our listing."

Prospectus and application forms

A prospectus (EU Growth Prospectus in accordance with Article 15 in the Regulation (EU) of the European Parliament and of the Council) 2017/1129, in Swedish, containing complete terms and conditions of the Offering is available on the Company's website (www.coinshares.com) and will be available on Mangold Fondkommission's website (www.mangold.se). The prospectus will also be made available on the Swedish Financial Supervisory Authority´s website (www.fi.se). An English translation has also been made available.

Application forms will be made available on the Company’s and Mangold Fondkommission AB's website when the subscription period has commenced. Applications can also be made through Nordnet's website (www.nordnet.se) and Avanza's website (www.avanza.se).

Preliminary timetable

• Application period: 23 February 2021 - 2 March 2021
• Settlement date: 9 March 2021
• First day of trading on Nasdaq First North Growth Market: 11 March 2021

CoinShares in brief

The CoinShares team is focused on expanding access to the digital asset ecosystem while serving as a trusted partner for its clients. Since 2013, CoinShares has offered digital asset exposure and undertaken digital asset trading activities. Over the course of the past eight years, the Company has grown to become Europe's largest digital asset investment firm1 (with assets under management of $4.56 billion as at 19 February 2021), launched a range of products and funds referencing digital assets, and provided exposure to digital assets to a global investor base.

With offices in Jersey, Stockholm, London, and New York, CoinShares now seeks to further establish its position in the digital asset industry by means of a listing on Nasdaq First North.

Advisors

Mangold Fondkommission AB is acting as financial advisor and sole bookrunner in the Offering. Baker McKenzie is acting as legal advisor to CoinShares.

For more information, please contact:

Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order");or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Forward-looking information

This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's and the group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq First North Growth Market's rule book for issuers.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II");(b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II;and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II;and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment;the shares in the Company offer no guaranteed income and no capital protection;and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II;or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

1 Finbold – Europe's largest digital asset manager passes $1 billion in assets. Article published on 20 August 2020.