IMPORTANT DISCLAIMER:

CoinShares (UK) Limited is part of a group of companies (the “CoinShares Group”) which includes XBT Provider AB (Publ), the issuer of four series of Certificates listed on Nasdaq Stockholm: COINXBT:SS and COINXBE:SS, which are both referenced to Bitcoin, and COINETH:SS and COINETHE:SS, which are referenced to Ethereum. Members of the CoinShares Group are committed to strong standards of service and corporate governance and are proud of the CoinShares Group’s reputation and standing within the world of crypto-currencies and other digital assets. However, CoinShares (UK) Limited, which is the issuer of this document, is not a regulated financial advisor (and does not hold itself out as such). Coinshares (UK) Limited is an appointed representative of Sapia Partners LLP. Sapia Partners LLP is authorised and regulated by the FCA.  

Crypto-currencies can be extremely volatile and subject to rapid fluctuations in price, positively or negatively. Investment in one or more crypto-currencies may not be suitable for even a relatively experienced and affluent investor. Each potential investor must make their own informed decision in connection with any such investment (after having sought independent financial advice thereon). Past performance is not necessarily a guide to future performance. Any estimates of future performance contained herein are based on assumptions that may not be realised.

This research document is not intended for the use of retail investors. (Accordingly, should a retail investor obtain a copy of this report they should not base an investment decision upon the content of this document and are strongly recommended to seek independent financial advice upon any investment which they are contemplating).

The material contained or referred to herein:

  • is not (and is not intended to be) an offer to buy or sell (or a solicitation of an offer to buy or sell), crypto-currency, nor does it Constitute investment, legal, tax or other advice; and
  • has been obtained, derived or is otherwise based upon sources which are believed to be reliable.

However, no guarantee can be (or is) provided in relation to the accuracy or completeness of the same. To the extent permissible at law, CoinShares (UK) Limited does not accept:

  • any liability arising from the use, misuse or non-use of the material contained or referred to herein; or
  • responsibility for any financial loss incurred as a result of a decision to invest in one or more crypto-currencies.

Please also note that no member of the CoinShares Group is under an obligation to disclose or otherwise take into account the contents of this document if or when advising customers or dealing with investments on their customers’ behalf.

Material contained in this report satisfies the regulatory provisions concerning independent investment research as required under MiFID. Information concerning conflicts of interest, and the management thereof by the CoinShares’ Group, is contained in the CoinShares Group’s ‘Policy for Managing Conflicts of Interests regarding Investment Research.’ It should be noted that certain members of the Global Advisors’ group of companies, of which the CoinShares Group is a division thereof, do, from time to time, act as a market-maker or adviser in relation to crypto-currencies for individuals and/or entities mentioned in this document (and may be represented on the board or other governing body of such entities). Additionally, such members of the Global Advisors’ group do, from time to time, act as a principal trader in the crypto-currencies referred to in this report and may hold those (and other) crypto-currencies. Employees of the Global Advisors’ group (including the CoinShares Group), or individuals and entities connected thereto, may also from time to time hold one or more of the crypto-currencies mentioned in this document.

The views and sentiments of the CoinShares Group, expressed or which are reflected in this document, are subject to change from time to time and without notice. The CoinShares Group may (and does intend), from to time, to prepare and issue other reports. These further reports may be inconsistent with, and reach different conclusions to, the information contained or referred to herein. Please note that members of the CoinShares Group are under no obligation to ensure that such other reports are brought to the attention of any recipient of this report.

The content of this document is subject to copyright with all rights reserved. This document (and any part(s) thereof) may not be reproduced, modified, linked-to or otherwise used for any purpose without the prior written consent of the copyright holder.

Additional notice to U.S. Persons: This document is not appropriate for any person (natural, corporate or otherwise) who is a US Person as defined under Regulation S of the United States’ Securities Act of 1933, as amended (which such definition includes, for the avoidance of doubt, any US resident, corporation, company, partnership or other entity established under the laws of the United States). Accordingly, this document should not be distributed to, used or relied upon by any US Person.

Additional notice to UK residents: Although not intended to be, this document and the communication of it may contain material that is interpreted as a ‘financial promotion’ for purposes of the United Kingdom’s Financial Services and Markets Act 2000 (“FSMA”). The contents of this document and any communication of it have not been approved by any person for the purposes of Section 21 of FSMA.  Accordingly, this document and the communication of it is issued only to, or directed at persons in the United Kingdom who are reasonably believed to be: (i) Investment Professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”); (ii) Certified High Net-Worth Individuals within the meaning of Article 48 of the FPO; (iii) High Net-Worth companies, unincorporated associations etc. within the meaning of Article 49 of the FPO; (iv) Sophisticated Investors within the meaning of Article 50 of the FPO; (v) Self-certified Sophisticated Investors within the meaning of Article 50(A) of the FPO; and (vi) Associations of High Net-Worth or Sophisticated Investors with the meaning of Article 51 of the FPO.