CoinShares Co-Founder and Non-Executive Director Daniel Masters Adopts Pre-Scheduled Trading Plan

Masters’ pre-set 10b5-1 plan mainly closes past financing and modestly trims his stake, without new share issuance by CoinShares.

Rhea-AI Summary

CoinShares (CSHR) announced that co-founder and non-executive director Daniel Masters has adopted a Rule 10b5-1 trading plan running from June 12, 2026 to December 31, 2027 covering up to 15,782,660 shares.

The plan includes up to 4,782,660 shares saleable at prevailing prices, equal to about 3.6% of shares outstanding. Of these, 3,282,660 shares unwind a securities financing agreed in 2023–2024 and do not reduce Masters’ currently reported beneficial ownership. The remaining 1,500,000 shares (about 1.1% of shares outstanding) will be sold at 100,000 shares per month from October 2026 to December 2027, reducing his reported holding from 21.6 million (16.4%) to about 20.1 million shares (15.3%).

Separately, the plan includes limit orders for 11,000,000 shares in 1,000,000 share tranches at whole-dollar prices from $10 to $20, executable only after the October 1, 2026 lock-up expiry and only at or above $10, which is above current levels. No sales have occurred yet, the company is not issuing shares, and Masters is expected to remain a large shareholder even if all components execute.

Positive

• Only 1.5M shares (about 1.1% of outstanding) reduce Masters’ reported beneficial ownership over the life of the plan
• 3,282,660 shares sold under the plan merely complete a 2023–2024 financing and do not cut reported ownership
• Even if all 12.5M shares from Masters’ existing holdings are sold, he would retain about 9.1M shares (approximately 6.9% of outstanding)
• The company is not issuing or selling shares under the plan, implying no direct dilution to other shareholders
• Limit orders for 11M shares trigger only at or above $10, above current prices and the Nasdaq listing reference price

Negative

• Scheduled sales of 1.5M shares will reduce Masters’ reported stake from 16.4% to about 15.3% by December 2027
• Plan covers up to 15,782,660 shares in total, creating potential selling overhang if price conditions are met
• Up to 12.5M shares could be sold from Masters’ existing holdings, which may increase insider selling supply at higher price levels

Argus Sep 8 session 2 alerts

-0.69% close to close 0.7x rel. volume Open Argus

Details

News Market Reaction – CSHR

$733.36M Market Cap

In the Sep 8 session, CSHR declined 0.69%, reflecting a mild negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Before publication, CSHR had fallen 1.53% on volume at 0.4x its 20-day average; the announcement dis...

Analysis

Before publication, CSHR had fallen 1.53% on volume at 0.4x its 20-day average; the announcement disclosed a scheduled insider plan, while the current short-position signal was low.

Key Figures

Shares saleable at prevailing prices: 4,782,660 shares; 3.6% of shares outstanding Net ownership reduction: 1,500,000 shares; 1.1% of shares outstanding Limit-order shares: 11,000,000 shares +3 more

Shares saleable at prevailing prices

4,782,660 shares; 3.6% of shares outstanding

10b5-1 trading plan

Net ownership reduction

1,500,000 shares; 1.1% of shares outstanding

Personal financial planning and diversification

Limit-order shares

11,000,000 shares

1,000,000-share tranches at prices from $10.00 to $20.00

Aggregate plan maximum

15,782,660 shares

Financing shares and limit orders combined

Plan end date

December 31, 2027

10b5-1 trading plan adopted June 12, 2026

Remaining reported ownership

20.1 million shares; 15.3% of shares outstanding

After the 1,500,000-share net reduction

Key Terms

10b5-1 trading plan, schedule 13d/a, beneficial ownership, lock-up

4 terms

10b5-1 trading plan regulatory

"has adopted a 10b5-1 trading plan with the following three components"

A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.

schedule 13d/a regulatory

"disclosed in Mr Masters' Schedule 13D/A filed with the U.S. Securities"

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

beneficial ownership regulatory

"No reduction in Mr Masters’ reported beneficial ownership"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

View in glossary

lock-up financial

"1.5 million shares ... only after lock-up expires"

A lock-up is an agreement that prevents company insiders, early investors or employees from selling their shares for a set period after a public share offering. It matters to investors because it temporarily limits the number of shares available to trade—like a scheduled hold on extra inventory—and when that hold ends a large number of shares can enter the market, potentially putting downward pressure on the stock price and revealing insiders’ confidence in the company.

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

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Key Takeaways:  Mr. Masters has adopted a 10b5-1 trading plan with the following three components:

Component	Description
1. Repurchase options unwind	Unwind of repurchase options pursuant to an existing financing arrangement entered by Mr Masters in 2023 and 2024 3,282,660 shares (representing 2.5% of shares outstanding) to be sold at prevailing market prices in thirteen tranches (Sept 2026 – Nov 2027) – not subject to lock-up No reduction in Mr Masters’ reported beneficial ownership
2. Personal financial planning and diversification	1.5 million shares (representing 1.1% of shares outstanding) to be sold in equal monthly tranches (Oct 2026 – Dec 2027), only after lock-up expires
3. Limit orders above $10 listing price	Up to 11 million shares, in tranches of 1 million shares at each whole-dollar price from $10 to $20, only after lock-up expires None executable at current price levels

 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

FAQ

How is the 4,782,660-share portion of Daniel Masters’ 10b5-1 plan structured over time?

Of the 4,782,660 shares that may be sold at prevailing prices, 3,282,660 shares relate to a 2023–2024 securities financing with Equities First Holdings. These are repurchased and sold automatically in thirteen tranches matching the financing maturity from September 2026 to November 2027, including monthly tranches of about 182,370 shares from September 2026 to June 2027, then closing tranches of 547,110 shares in July and October 2027 and 364,740 shares in November 2027. The remaining 1,500,000 shares are 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 to December 2027.

What role does the October 1, 2026 lock-up expiry play in the trading plan?

The 1,500,000-share diversification sales and the 11,000,000-share limit orders only begin after the listing lock-up expires on October 1, 2026. Before that date, only the financing-related repurchase-and-sale tranches occur, and those do not reduce Daniel Masters’ reported beneficial ownership.

How do the 11,000,000-share limit orders in the plan work?

The plan includes limit orders for 11,000,000 shares in 1,000,000-share tranches at each whole-dollar price from $10.00 to $20.00. These orders become effective only after October 1, 2026 and are executable only if the share price reaches the respective limit price, which the company notes are above current price levels. These orders are in addition to the 4,782,660 shares that may be sold at prevailing prices.

How does the plan affect Daniel Masters’ economic interest in CoinShares?

Only the 1,500,000 shares earmarked for diversification reduce Daniel Masters’ reported beneficial ownership, from 21.6 million shares (16.4% of outstanding) to about 20.1 million shares (approximately 15.3%), meaning about 93% of his reported position is retained. Including shares recoverable under the repurchase options, his aggregate economic interest moves from approximately 24.9 million shares to about 20.1 million, or around 81% retained. If every order in the plan executed, he would still hold about 9.1 million shares, approximately 6.9% of shares outstanding.

Has any trading occurred under Daniel Masters’ 10b5-1 plan so far?

No. The company states that no sales have been made under the plan to date and that this announcement is being published voluntarily to provide additional information and visibility to the public markets ahead of the first scheduled sales.

Does the trading plan change Daniel Masters’ role or CoinShares’ operations and capital structure?

Daniel Masters continues as a Non-Executive Director, and the company states that the plan does not change how CoinShares is run. The company also notes that it is not issuing or selling shares under the plan, so its strategy, balance sheet and capital allocation are described as unaffected.