CoinShares Co-Founder and Non-Executive Director Daniel Masters Adopts Pre-Scheduled Trading Plan
Key Takeaways: Mr. Masters has adopted a 10b5-1 trading plan with the following three components:
| Component | Description |
| 1. Repurchase options unwind |
|
| 2. Personal financial planning and diversification |
|
| 3. Limit orders above $10 listing price |
|
No sales have been made to date. Even after execution of components 1 and 2, Mr Masters remains one of CoinShares’ top shareholders. He would remain a significant shareholder even if all component 3 limit orders were executed upon at specified share prices ranging from $10 to $20.
JERSEY, Channel Islands — September 8 2026, — CoinShares PLC (Nasdaq: CSHR) ("CoinShares" or the "Company"), a leading global asset manager specialising in digital assets, today announced that Daniel Masters, Co-Founder and Non-Executive Director, has adopted a trading plan under Rule 10b5-1 of the U.S. Securities Exchange Act of 1934. The plan, adopted on June 12, 2026, and disclosed in Mr Masters' Schedule 13D/A filed with the U.S. Securities and Exchange Commission on June 16, 2026, runs to December 31, 2027. It provides for the sale of up to 4,782,660 shares at prevailing market prices — approximately 3.6% of the Company's shares outstanding — of which the majority, 3,282,660, complete the unwind of a share financing entered into in 2023 and 2024 by Mr. Masters; the net reduction in Mr Masters' holding is limited to 1,500,000 shares, approximately 1.1% of shares outstanding. Separately, the plan contains limit orders that become effective only at prices of $10.00 and above, none of which would be executable at current price levels, as described below. The plan relates solely to shares held by or deliverable to Mr Masters — the Company is not issuing or selling any shares. No sales have been made under the plan to date; the Company is publishing this announcement voluntarily to provide additional information and visibility to the public markets, ahead of the first scheduled sales.
Of the shares saleable at prevailing prices, 3,282,660 relate to a securities financing entered into with Equities First Holdings, LLC in 2023 and 2024, under which Mr Masters sold 1,800,000 shares of CoinShares International Limited — the equivalent, following the business combination, of 3,282,660 CoinShares PLC shares — in thirteen tranches, retaining options to repurchase them at each tranche's maturity between September 2026 and November 2027. Under the plan, each option is exercised automatically at maturity and the repurchased shares are sold at the then prevailing market price — approximately 182,370 shares per month from September 2026 to June 2027, followed by closing tranches of 547,110 shares in each of July and October 2027 and 364,740 shares in November 2027, matching the maturity schedule fixed when the financing was agreed — with the proceeds repaying the financing tranche by tranche until it is closed. Because those shares were sold to the lender in 2023 and 2024, they are not included in Mr Masters' reported beneficial ownership today; their repurchase and sale under the plan therefore does not reduce his reported beneficial ownership position. Those sales complete a transaction agreed in 2023 and 2024, when the financing was entered.
The remaining 1,500,000 shares will be sold at a fixed rate of 100,000 shares per month — in three daily tranches of approximately 33,333 shares on the first trading days of each month, from October 1, 2026, when the lock-up agreed at the time of the Company's listing expires, to December 2027 — a net reduction of approximately 1.1% of the Company's shares outstanding over the life of the plan.
These 1,500,000 shares are the only sales under the plan that reduce Mr Masters' reported beneficial ownership, which moves from 21.6 million shares, or 16.4% of shares outstanding, to approximately 20.1 million shares, or approximately 15.3% — approximately 93% of his reported position retained. Including the shares recoverable under the repurchase options, his aggregate economic interest moves from approximately 24.9 million shares to the same approximately 20.1 million, approximately 81% retained. He remains one of the Company's largest shareholders. Mr Masters' role at the Company is unchanged: he continues to serve as a Non-Executive Director.
The plan's limit orders cover 11,000,000 shares, in tranches of 1,000,000 shares at each whole-dollar price from $10.00 to $20.00, effective only after the expiry of the listing lock-up on October 1, 2026 — bringing the plan's aggregate maximum, across both layers, to 15,782,660 shares. These orders become executable only at or above $10.00 — the reference price at the Company's Nasdaq listing in April 2026 — and none would be capable of execution at current price levels. Of the 15,782,660 shares covered by the plan, the 3,282,660 financing shares are repurchased from the lender immediately before being sold; only 12,500,000 come out of Mr Masters' existing holding. Even if every order executed — which would require the shares to trade at prices up to $20.00 — he would therefore continue to hold approximately 9.1 million shares, approximately 6.9% of shares outstanding.
Daniel Masters said: “The greater part of what I am selling closes out a financing I put in place in 2023 and 2024 for personal investments unrelated to CoinShares — it completes an old transaction rather than starting a new one. The rest is personal diversification, scheduled at 100,000 shares a month, after more than a decade of backing this company with my time and my capital. Anything beyond that only begins at the price at which we came to Nasdaq and steps up from there, because I believe in where this company is going. I moved from Executive Chairman to Non-Executive Chairman when we listed in Stockholm in 2021, and from Non-Executive Chairman to Non-Executive Director when we came to Nasdaq this year; diversifying my holdings, gradually and in the open, is the natural next step. Under Jean-Marie's leadership the company is well run: the strategy is the right one, and I trust the team executing it. I remain one of the largest shareholders of a business I helped build.”
Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer of CoinShares, said: “Danny's plan changes nothing about how CoinShares is run. It is pre-scheduled, it is public. We have been side by side from the beginning and he remains one of our largest shareholders and non-executive board members. Our strategy, our balance sheet and our capital allocation are unaffected.”
About Rule 10b5-1 trading plans
Rule 10b5-1 plans allow directors, officers and significant shareholders to establish pre-arranged share transactions at a time when they are not in possession of material nonpublic information. Once adopted, transactions are executed automatically according to the plan's predetermined schedule and price conditions, without further discretion over the timing of individual sales. Transactions under the plan will be reported in accordance with applicable U.S. securities laws.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding Mr Master’s ownership of and expected and potential dispositions of our shares; statements relating to the company’s direction and strategy; and other statements identified by words such as “believes,” “plans,” and “will.” These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Additional risk factors are described in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, and other filings and submissions with the U.S. Securities and Exchange Commission. CoinShares does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law
About CoinShares
CoinShares PLC (“CoinShares”) is a leading global asset manager specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the United States. CoinShares’ affiliated entities are regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares PLC is publicly listed on the Nasdaq under the ticker CSHR.
Investor Relations Contact: corporateir@coinshares.com
Investor Relations Website: https://investor.coinshares.com
