CoinShares compulsorily redeems seven crypto ETPs: the delivery deadline ends on October 26

CoinShares XBT Provider is winding up its Swedish securities programme and taking seven crypto instruments off the market. The issuer declared a compulsory redemption of all Digital Securities from this programme on September 22, 2026, and the Nasdaq Stockholm exchange approved the delisting on October 20, 2026. The last trading day is set to be November 4, 2026, with settlement on November 9, 2026.

For holders, everything hangs on an earlier date: anyone who wants the coins delivered rather than money in the account has to register that with the issuer by October 26, 2026. After that the redemption runs automatically as a cash settlement. Four other instruments from the same house, among them the Bitcoin tracker launched in 2015, are expressly untouched by this notice.

Seven securities with a Swedish ISIN are on the list

The redemption notice names seven Digital Securities individually. All are denominated in Swedish kronor, all were listed on Nasdaq Stockholm, and all carry a Swedish securities identification number. They are altcoin and staking products throughout:

The issuer gives the reason in one sentence: the group has decided to consolidate its altcoin and staking offering on a single platform. All outstanding securities of the programme are therefore being redeemed and the programme terminated. That is not a statement about the underlying coins. Hold XRP through this instrument and you lose the wrapper, not the price.

A Digital Security is the programme's technical term for an exchange-traded security that certifies a claim to a certain quantity of a crypto asset. The investor therefore does not own the coin but a paper denominated in the coin. That very distinction now decides what lands in the account in two weeks' time.

October 26 decides between cash and coins

The programme's terms and conditions know two routes to settlement. The standard is cash settlement: the issuer sells the deposited coins and credits the net proceeds, converted into Swedish kronor where required. The second route is physical delivery, meaning the transfer of the coins themselves to an address held by the holder.

Delivery goes only to those who actively request it. The notice sets a deadline of ten issuer business days before the redemption date for this, and that is October 26, 2026. The request runs through the address ir@xbtprovider.com. Say nothing and you are settled in money, with no further enquiry.

In practice the route through the custodian bank is often longer than the calendar: securities sit with a depositary, and a delivery request has to pass through those stations. Days can elapse between the decision and its arrival at the issuer. With a deadline that expires in a few days, that is the tight point.

Condition 10.1(a): the terms permit termination

The redemption rests on Condition 10.1(a) of the programme, compulsory redemption upon termination. The issuer has to give holders at least 30 days' notice for it; the notice of September 22 and the redemption date of November 9 keep that interval. The securities are governed by English law, and a copy of the notice went to the trustee, The Law Debenture Trust Corporation in London.

The board had already set the delisting in motion with resolutions of August 25, 2026, and the associated base prospectus is dated March 12, 2026. The right to terminate a programme at its own discretion is thus part of the paper's normal rulebook and no emergency clause. No redemption fee applies.

The Bitcoin tracker and three further certificates stay

The delisting notice of October 20 contains one sentence that takes the pressure off many portfolios: nothing in this notice concerns the Single Digital Currency Tracker Certificates and the Basket Certificates. Meant are four instruments with the identification numbers SE0007126024, SE0007525332, SE0010296574 and SE0010296582, which is to say the house's Bitcoin and Ether trackers. The oldest of them, Bitcoin Tracker One, was Europe's first exchange-traded Bitcoin instrument in 2015.

These certificates rest on a different legal basis from the seven redeemed securities and are not covered by the notice. Hold one of those four identification numbers and there is nothing to arrange by October 26.

CoinShares' Xetra products carry different identification numbers

Here lies the most common mix-up. CoinShares sells exchange-traded crypto instruments in Germany via Xetra, among them CoinShares Physical Bitcoin with the ISIN GB00BLD4ZL17 and CoinShares Physical Ethereum with GB00BLD4ZM24; both have been listed on Xetra since June 2021, and an instrument tracking a basket of the ten largest crypto assets with the ISIN JE00BPRDNL86 was added later. These identification numbers begin with GB or JE and are not on the list of the seven redeemed securities, which all begin with SE.

The check is therefore quickly done: if the ISIN on the statement begins with SE00243 or SE00250, the instrument is one of the seven. If it begins with GB or JE, it belongs to a different programme. For an overview of the products tradable in Germany, see our survey of crypto ETFs and ETPs for German investors.

Whether a German investor can hold the seven securities at all depends on the broker. The units were denominated in Swedish kronor on Nasdaq Stockholm; trading there requires access to the Swedish market. Among the large German neobrokers that venue is not the rule, while internationally positioned custodian banks do offer it. Which providers open which venues is shown in our crypto broker comparison.

What happens to the holding in a cash settlement

In a cash settlement the issuer sells the deposited coins and calculates the redemption amount from that. The basis is the net proceeds of that sale, rounded down to the precision laid down in the terms and converted into the settlement currency where applicable. The stipulated deductions come off that. Settlement is to take place on the redemption date or as soon afterwards as reasonably possible, at the latest on the fifteenth issuer business day after November 9, so by November 30, 2026.

The mechanism has one consequence that is easily missed: the issuer determines the moment of sale, not the investor. Anyone who usually decides when to sell their paper hands that decision over here. Should the market fall in those days, settlement happens at those prices. To avoid that, the paper can be sold on the exchange up to the last trading day on November 4, which keeps control of the timing.

Crypto securities and tax: why the delivery claim counts

A compulsory redemption is a disposal event for tax purposes. For German private investors, what matters is how the instrument is classified. Under a circular from the Federal Ministry of Finance, the tax authorities treat physically backed instruments carrying a claim to delivery of the crypto asset as a claim to a benefit in kind rather than as a monetary claim. On that classification the one-year period for private disposal transactions applies, as it does for directly held coins.

For instruments without such a delivery claim the position is less clear-cut. How far the one-year period reaches there has not been settled by the tax authorities in the same way. Added to that, legislators are working on the holding period for crypto assets; we have collected the status of that reform in a separate article on the crypto holding period. Anyone holding their securities for less than a year should go through the settlement with their tax adviser before November 9 arrives.

One percent fee: the price of physical delivery

The redemption fee is zero. Physical delivery, by contrast, carries a delivery fee of one percent of the coin entitlement, withheld as a deduction from the redemption. On a holding of 5,000 euros that is 50 euros, and on 20,000 euros accordingly 200 euros.

Set against that is what delivery brings: the coins then sit in your own custody, and the one-year period does not start afresh, because the coins are delivered and not sold. If you intend to hold the coins longer anyway, that one percent buys the preservation of your position. If you wanted to close the position anyway, you save the fee and take the cash settlement, or sell on the exchange beforehand.

Issuer risk in crypto securities: what this case shows

The episode is not a default and not a crisis. The issuer pays, the fee is zero, the framework has been observed. That is precisely what makes it instructive: an exchange-traded crypto security is a contract with a company, and that company may terminate the contract under the agreed rules. With a coin held directly in your own custody there is nobody who can give notice.

In practical terms that means, for every portfolio holding crypto securities: the issuer, the legal basis and the question of whether a delivery claim exists belong among the details you know before you buy. The programme at issue here ran for ten years before it was wound up. Its end was announced with the 30 days' notice the rulebook provides for.

The second lesson concerns spreading across trading venues. Securities in a foreign currency on a foreign exchange are harder to keep track of than a paper on Xetra in euros, and issuer notices do not always reach the investor by the direct route. This notice travelled via a press release and the exchange, not via the custodian bank's mailbox.

CoinShares compulsory redemption: the issuer settles on November 9

Trading runs until November 4, the deadline for delivery until October 26, and settlement falls on November 9. Three steps follow from that:

1. Open the statement and read the ISIN. If it begins with SE00243 or SE00250, the instrument is one of the seven. If you would rather hold actual coins, the trading routes are in our comparison of the best crypto exchanges.
2. Decide between selling, delivery and cash settlement. Selling on the exchange up to November 4 keeps the timing in your own hands. For the coins to be delivered you need to register by October 26 and have an address you control yourself; which devices are suitable is shown in the hardware wallet comparison.
3. Record the settlement for your tax return. Purchase date, purchase price and the redemption amount belong together in the file; tools for that are set out in our overview of crypto tax tools.

The primary sources are the issuer's notice of the compulsory redemption of September 22, 2026 and the notice of the approved delisting of October 20, 2026. In them the issuer expressly points out that the last trading day and the delisting date are indicative and may change.

(As of October 23, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)