France Eases Retail Crypto Rules as Europe Unlocks Access for Millions

Rhea-AI Summary

ETHZilla (Nasdaq: ETHZ) announced an amendment and an additional $350 million issuance of convertible debentures, bringing the convertible portfolio to approximately $500 million, with the New Debentures converting at $3.05 per share and bearing a 2% annual interest rate. The company reported ETH NAV $462M, Cash $559M, Market Cap $405M, Enterprise Value $403M and an mNAV of 0.87x as of Sept 19, 2025. ETHZilla repurchased ~6.45M shares in September and holds ~102,264 ETH. The release warns ASU 2023-08 may cause earnings volatility.

Positive

• $350M new convertible debenture issuance
• $559M cash and cash equivalents reported
• 102,264 ETH total ETH and equivalents held

Negative

• mNAV 0.87x indicating EV below ETH NAV multiple
• New debentures convert at $3.05 per share
• ASU 2023-08 may cause significant earnings volatility

Insights

Capital Markets Strategist

Company amended existing convertible debt and raised $350 million, altering interest and conversion terms while disclosing treasury metrics.

ETHZilla raised additional financing via new convertible debentures for $350 million, combining with existing convertible debt to create an approximate $500 million interest-bearing securities portfolio. The previously issued $156.5 million debentures carry 0% interest until February 6, 2026 and convert to 2% thereafter; the New Debentures bear a 2% annual interest rate and convert at $3.05 per share (noted as 1.05x mNAV). The company reports an ETH NAV of $462 million, Cash & Cash Equivalents of $559 million, and an enterprise value of $403 million, producing an mNAV of 0.87x as of September 19, 2025.

The mechanics imply increased liquidity and runway from convertible financing, coupled with ongoing share repurchases (≈0.5 million shares at an average of $2.41 during the referenced week). Key dependencies and risks disclosed include the forthcoming shift to a 2% interest profile after February 6, 2026, the conversion price relative to mNAV, and accounting under ASU 2023-08 which requires fair-value recognition of ETH and may cause earnings volatility. Watch for the company’s Q3 earnings release for planned guidance and for any conversions or exercises that would affect share count and dilution in the near term; monitor the conversion activity and disclosures over the next reporting period (quarterly) for realized effects on liquidity and reported net income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AMF doctrine shift follows UK and Nordic moves;
CoinShares leads the European market with a 32% AUM share

SAINT HELIER, Jersey, Dec. 9, 2025 /PRNewswire/ -- CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF) — a leading global asset manager specialising in digital assets, which has announced a merger with Vine Hill Capital Investment Corp (Nasdaq: VCIC), welcomes France's AMF decision to open retail access to regulated crypto ETNs. Europe's crypto exchange-traded product market is entering a new growth phase as regulators and major financial institutions across the continent move to expand retail investor access.

Key developments:

• France: The AMF adapted its doctrine to permit retail marketing of crypto-indexed ETNs, removing warning-label requirements for products that satisfy all eligibility conditions under the updated AMF Position 2010-05.
  
  
• UK: The FCA lifted its retail crypto ETN ban effective October 8, 2025, opening access to approximately 7 million UK crypto holders.
  
  
• Nordics: Nordea, the region's largest bank (€648B AUM), will offer CoinShares' Bitcoin ETP starting December 2025, reversing years of institutional caution

CoinShares is well-positioned to take advantage of this expansion. The company's physical platform (CoinShares Physical) led the European crypto ETP market with over $1 billion¹ year-to-date in net inflows. Across its full European product range, CoinShares holds a 32%² share of total regional AUM. These figures place CoinShares among the top four digital asset managers globally, alongside BlackRock, Fidelity, and Grayscale.

"Europe's crypto ETN market is opening up, not slowing down," said Jean-Marie Mognetti, CEO of CoinShares. "The U.S. led with spot ETF approvals, but Europe pioneered this sector, which we created with the first regulated Bitcoin ETP in 2015. The challenge has been fragmentation: retail access varied dramatically country by country, preventing consistent adoption despite Europe's ten-year head start. What we're seeing now in France, the UK, and the Nordics is that a cohesive unified policy is beginning to take shape, with more and more barriers breaking down every year.  For global investors, Europe's opportunity isn't behind us, it's just becoming accessible. CoinShares built this market and we intend to lead it. Our partnership with BoursoBank, France's leading online bank, is a case in point, we have the distribution expertise to reach retail investors as these markets open up."

European crypto ETN inflows reached a record €2.5 billion year to date³. These regulatory shifts substantially expand the addressable market: the UK has over 14 million active retail investors, France has seen participation surge with nearly one in four adults now holding financial investments, and Nordea serves over 9 million private customers across Finland, Sweden, Norway, and Denmark⁴.

About CoinShares

CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is 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 is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company  | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

Press Contact

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
coinshares@mgroupsc.com

¹Source: CoinShares, Bloomberg. Data as of close of business 05 December 2025
²Source: CoinShares, Bloomberg. Data as of close of business 05 December 2025
³Data as of close of business 05 December 2025
⁴ UK — "over 14 million active retail investors" Source: BestBrokers.com / Finder survey (2025) https://www.bestbrokers.com/stock-trading/stock-trading-demographics/

France — "nearly one in four adults now holding financial investments" Source: AMF / OECD study (2023) https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/oecd-study-amf-profiles-new-french-retail-investors

Nordea — client numbers Source: Wikipedia / Nordea corporate data (2025) https://en.wikipedia.org/wiki/Nordea

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ETHZilla announce on September 22, 2025 regarding convertible debt?

ETHZilla amended existing debentures and issued an additional $350M of convertible debentures converting at $3.05 per share.

How much cash and ETH did ETHZilla report on September 19, 2025?

ETHZilla reported approximately $559M in cash and 102,264 ETH (ETH NAV ~$462M).

What is ETHZilla's reported mNAV and what date is it as of?

ETHZilla reported an mNAV of 0.87x as of September 19, 2025.

How many shares did ETHZilla repurchase in September 2025 and what was the impact?

ETHZilla repurchased approximately 6.45M shares in September, reducing outstanding shares by about 0.3%.

What interest rate applies to ETHZilla's new and amended debentures?

The new debentures and amended terms bear a 2% annual interest rate.