Från:    CoinShares XBT Provider AB (publ) (”Emittenten”, eng. the Issuer)              Artillerigatan 6,             114 51 Stockholm,             Sverige Till:     Värdepappersinnehavarna (enligt definitionen nedan) Kopia: The Law Debenture Trust Corporation p.l.c. (”Trusteen”, eng. the Trustee)  

From:  CoinShares XBT Provider AB (publ) (the “Issuer”)             Artillerigatan 6,            114 51 Stockholm,            Sweden To:      The Security Holders (as defined below) Cc:      The Law Debenture Trust Corporation p.l.c. (the “Trustee”)            8th Floor            100 Bishopsgate   

Institutional focus on diversification over speculation may stabilize crypto markets, with Bitcoin and Ethereum likely maintaining dominance. The post CoinShares survey: Bitcoin leads growth outlook as Ethereum sentiment improves appeared first on Crypto Briefing.

Increased transparency from Arkham's labeling could drive institutional confidence and broader adoption of crypto investments. The post Arkham labels $3 billion in crypto funds, including VanEck and CoinShares products appeared first on Crypto Briefing.

Data center restrictions may boost existing Bitcoin mining asset values, highlighting the growing importance of regulatory landscapes in tech infrastructure investments. The post CoinShares says data center bans could make Bitcoin miners’ power assets more valuable appeared first on Crypto Briefing.

Arkham Intelligence identified 98 Bitcoin addresses linked to CoinShares' BITC ETP, holding 20,652 BTC ($1.53 billion) as of November 2026

CoinShares PLC (Nasdaq: CSHR) ("CoinShares" or the "Company"), a leading global asset manager specialising in digital assets, today published the Q3 2026 edition of its Hybrid Finance Report, produced in collaboration with onchain data platform Token Terminal. The report finds that tokenised stocks have become the fastest-growing segment of hybrid finance, the convergence of traditional and digital asset finance, and that their growth is driven by investors outside the United States seeking exposure to US equities. The Hybrid Finance thesis in practice Tokenised stock market cap stood at $17.7 million at the end of 2024, passed $100 million in August 2025 and crossed $1 billion in March 2026. By 30 September 2026 it had reached $3.91 billion, up 842% year on year, including a 98% increase in the third quarter alone. Over the same twelve months, tokenised commodities grew 267%, tokenised funds 97% and stablecoins 4%. Adoption is broadening alongside market value. Onchain holder positions reached 4.88 million, 8.5 times the level at the end of June 2026, and monthly trading volume on decentralised exchanges reached $22.8 billion in September 2026, against $86.9 million in September 2025. A new investor base for US equities The report shows that tokenised stocks serve a specific and pre-existing demand: 87.2% of tokenised stock market cap tracks US-registered shares and ETFs, and 85.4% is issued under terms that exclude US persons. The typical buyer is an investor outside the United States who uses blockchain infrastructure to access US equities, often from a market where US brokerage accounts are hard to open and buying US stocks directly is costly. That demand is large and well established in traditional markets. Foreign investors held $24.3 trillion of US equities in July 2026, up from $19.9 trillion in June 2025. Tokenised stocks currently equal 0.016% of that amount; 1% of foreign holdings would represent $243 billion. Because most tokens are backed by shares bought on the US market and held by a US broker-dealer, foreign capital entering through tokens issued in Jersey, the British Virgin Islands or the UAE still flows into the US equity market and stays within the US financial system. The report argues this gives the United States an economic interest in backing these tokens, not blocking them: if backed tokens were blocked, demand would likely shift to onchain derivatives, where perpetual futures on US stocks already carry $1.51 billion of open interest on Trade.xyz alone, without requiring the contracts to be backed by underlying shares. CoinShares CEO, President and Co-Founder Jean-Marie Mognetti stated, "For years we have described hybrid finance as the point where traditional markets and blockchain infrastructure stop running in parallel and start running on the same rails. Tokenised stocks are that convergence happening in real time. What this report makes clear is who is buying and why: investors outside the United States who want US equities and are now reaching them through blockchain rather than through a local broker. That is a new investor base for American companies, and the capital it brings ends up in the US market. The policy question for every jurisdiction is no longer whether tokenisation will happen, but whether it happens with their own listed shares or someone else's." Key figures as of 30 September 2026 * Tokenised stock market cap: $3.91 billion, +842% year on year and +98% in Q3 2026 * Onchain holder positions: 4.88 million, 8.5x the level at the end of June 2026 * Share of market cap tracking US-registered securities: 87.2% * Share of market cap issued under terms that exclude US persons: 85.4% * Foreign holdings of US equities: $24.3 trillion (June 2026); tokenised stocks equal 0.016% * Issuing entities above $1 million: 25, up from 10 in September 2025 * Countries of incorporation for issuers above $1 million: 11, up from 6 * Monthly DEX trading volume: $22.8 billion in September 2026 * Equity perpetual futures open interest (Trade.xyz): $1.51 billion

The cryptocurrency market is showing signs of stabilizing as the initial uncertainty surrounding the U.S. midterm elections begins to dissipate. James Butterfill, Head of Research at CoinShares, suggests that Bitcoin (BT…

Concerns about an AI bubble intensified last week, sending markets into risk-off mode and dragging crypto lower, according to Marc des Ligneris, Managing Director at Coinshares. Two developments appeared to drive the shift in sentiment. Democratic efforts to regulate the sector were read as a likely brake on the pace of AI development, at a time when Chinese models are keeping up. At the same time, investors grew wary of the circular nature of many AI deals, in which the same players fund, supply and buy from each other. Options market signals lingering caution Des Ligneris pointed to data on Bitcoin options as evidence of the nervousness. The measure he highlighted is the number of days with a positive 25-delta, one-month skew, which shows how much more investors pay for downside protection (puts) than for upside exposure (calls). Skew fell back to neutral over the summer after the August squeeze. In the last cycle, he noted, that kind of normalisation marked the start of the bull market. This time, however, the pattern has not held so far. Skew has risen again, suggesting investors are still paying up to hedge. Sentiment data, which fell sharply last week, tell a similar story. Short-term pressure, long-term tailwind? "In the short term, if the AI correction deepens, Bitcoin's risk-on profile could weigh on it," des Ligneris said. He argued that the second-round effects matter more. Slower AI spending would quickly expose an economy that is already fragile outside the AI sector. A sharp downturn usually ends in a large injection of liquidity, which has historically been one of the strongest tailwinds for Bitcoin.

James Butterfill, Head of Research at CoinShares “Democratic control of Congress puts CLARITY on a harder path. With stablecoin law already passed and regulators moving on their own, a Fed priced for a December hike remains the bigger test for Bitcoin.  Bitcoin has taken the Democratic sweep remarkably calmly, which is perhaps unsurprising given markets had been rehearsing the outcome for weeks. Democrats have now secured both the House and Senate, materially constraining Trump for the remaining two years of his presidency. But much of that was already in the price. The more interesting question is whether Trump becomes a lame duck or something rather less predictable. He retains considerable authority over foreign policy, trade and executive action, so less ability to legislate does not necessarily mean less ability to move markets. For crypto, the immediate casualty is likely to be the speed of legislation rather than the direction of travel. CLARITY now faces a considerably harder path, and Democratic control gives the party greater influence over committee agendas, appointments and investigations into Trump-linked crypto ventures. That could produce some uncomfortable headlines. But CLARITY is also becoming less important than it was a year ago. GENIUS is already law, while the SEC and CFTC have moved ahead with rulemaking and exemptions of their own, including measures around tokenised securities and market structure. In other words, Congress is no longer the only route to regulatory progress. CLARITY would still provide more durable statutory certainty, particularly for Ether, DeFi and token issuers, but its absence is no longer synonymous with regulatory paralysis. The consequences should also differ markedly across the market. Bitcoin is relatively insulated from the legislative wrangling because its regulatory status is already well established. US exchanges, token issuers and businesses dependent on new permissions have considerably more at stake. The same scrutiny could even strengthen established compliant operators by raising the cost of doing business for weaker competitors. Among listed crypto equities, miners with power, land and operating data centres remain particularly interesting as AI hyperscalers compete for infrastructure that cannot be built overnight. Politics aside, Bitcoin still appears to be taking most of its instruction from rates, liquidity and institutional flows. Oil has fallen sharply this week as tentative progress in US-Iran talks reduced fears of another escalation. That takes some pressure off the inflation outlook and, if sustained, should give the Fed a little more room than it appeared to have only a fortnight ago. The US economy, however, continues to be inconveniently resilient. September job openings rose to 7.5M, while ADP employment came in at 86k against expectations of 67k. Recent PMI data have also pointed to strong activity, with the October flash composite consistent with robust growth. Friday’s payroll report is therefore the next test. Consensus around 65k looks rather pessimistic to us, with some of the better survey indicators pointing closer to 100k. Even a reasonably strong payroll number may not alter the December debate very much, with another 25bp hike already heavily priced.  There is therefore a slightly odd combination emerging. The election probably slows crypto legislation, but removes an important source of political uncertainty. Falling oil improves the inflation picture, while strong activity stops the Fed becoming comfortably dovish. For Bitcoin, that leaves the medium-term outlook broadly unchanged. The election itself was never the dominant variable. Real yields, dollar liquidity and ETP demand remain more important, while the reduced importance of CLARITY means the legislative setback should be felt more acutely in the broader crypto complex than in Bitcoin itself.”

Bitcoin had largely priced in a Democratic sweep in the US midterms, leaving room for a relief rally as political uncertainty clears, according to James Butterfull, Head of Research at CoinShares. "Is Trump a lame duck or crazy duck?" Butterfull said. "My sense is that Bitcoin had largely priced in a Democratic sweep, leaving room for a relief rally as uncertainty clears. Therefore, the anticipated result need not trigger another sell-off." Reform could slow Butterfull said the greater concern for the sector is a slower pace of crypto reform. He noted that the CLARITY Act now faces a harder path through Congress, while investigations into Trump-linked ventures could consume political capital and generate uncomfortable headlines for the industry. However, he stressed that the administration remains in place and that existing regulatory progress, including the GENIUS Act, "does not simply disappear." Uneven impact across the market Butterfull expects the fallout to vary considerably across assets. US exchanges, token issuers and businesses reliant on new regulatory permissions are likely to be more sensitive to the political shift than Bitcoin itself, he said. Established, compliant operators could even gain a competitive edge if scrutiny falls disproportionately on weaker rivals. Bitcoin miners that already have data centres set up are also likely to remain in high demand from AI hyperscalers, he added. Macro factors still matter more For Bitcoin, Butterfull said real yields, dollar liquidity and exchange-traded product (ETP) flows still carry more weight than the election outcome. He pointed to falling oil prices, which are easing some inflationary pressure and could moderate expectations of further interest rate rises. "I would temper expectations for the pace of US reform, while remaining constructive on institutional adoption," he said. "How Trump responds to being constrained is the less predictable part."

L’Europa avrebbe già superato la fase di definizione delle regole di base sulle cripto-attività e starebbe entrando in quella dell’integrazione con la vigilanza dei mercati dei capitali. È la lettura proposta da James Butterfill, Head of Research di CoinShares, in un intervento sul futuro del qua...

L’Europa avrebbe già superato la fase di definizione delle regole di base sulle cripto-attività e starebbe entrando in quella dell’integrazione con la vigilanza dei mercati dei capitali. È la lettura proposta da James Butterfill, Head of Research di CoinShares, in un intervento sul futuro del qua...

The European exchange operator Euronext has officially suspended trading for the CoinShares Physical Zcash ETP on its Paris market. The decision, which occurred only hours after the product's debut, was prompted by techn…