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

Key Figures

New convertible debentures: $350 million Existing debentures: $156.5 million New interest rate: 2% annually +5 more

New convertible debentures

$350 million

Additional capital raised via New Debentures

Existing debentures

$156.5 million

Previously issued convertible debentures outstanding

New interest rate

2% annually

Interest on New Debentures and post-2026 on existing debentures

Original interest rate

4% annually

Original rate on existing convertible debentures

Conversion price

$3.05 per share

Conversion price for New Debentures, 1.05x mNAV

ETH NAV

$462 million

ETH NAV as of September 19, 2025

Cash & cash equivalents

$559 million

Cash & cash equivalents as of September 19, 2025

Share repurchases September

6.45 million shares

Total repurchased in September, including 0.5M at $2.41

Historical Context

1 past event · Latest: Nov 26

1 event

1. Nov 26

   Deal progress

   24h Move

   -0.4%

   Confidential Form F-4 submission advancing CoinShares business combination.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible debenture, Layer 2 protocols, Enterprise Value (EV), ETH NAV, +4 more

8 terms

convertible debenture financial

"today announced a $350 million convertible debenture by an institutional"

A convertible debenture is a long-term loan a company issues that pays interest like a bond but can be turned into a set number of the company’s shares under pre-agreed terms. For investors it matters because it mixes safety and upside: you get regular interest and higher repayment priority like a lender, yet you also hold an option to become a shareholder if the stock rises, which can dilute existing owners and change risk and return profiles.

Layer 2 protocols technical

"deploying ETH into Layer 2 protocols and tokenizing real-world assets"

Layer 2 protocols are technologies built on top of a base blockchain that move most transaction work off the main ledger and then record summaries back to it, like express lanes that let traffic flow faster while the main highway keeps the official record. For investors this matters because they can greatly lower fees and speed up use of a crypto network, influence how many people actually use a token, and introduce different security or operational trade-offs that affect value and risk.

Enterprise Value (EV) financial

"mNAV: Represents Enterprise Value (EV) divided by ETH NAV as of"

Enterprise value (EV) is a measure of a company's total worth, including its market value and debt, minus any cash it has on hand. It represents the price someone would need to pay to buy the entire business outright. Investors use EV to compare companies regardless of their capital structure, helping them assess a company's true value beyond just its stock price.

ETH NAV financial

"ETHZilla's mNAV and ETH NAV are calculated as follows1:"

ETH NAV is the net asset value of an investment vehicle expressed in Ether (ETH): the total value of the fund’s assets minus its liabilities, divided by the number of shares or tokens, quoted in units of ETH. It matters to investors because it shows the underlying per‑share worth of holdings in cryptocurrency terms, letting you compare the fund’s market price to its true asset value—like checking the contents of a piggy bank per coin.

mNAV financial

"The conversion price of the New Debentures is $3.05 per share which is 1.05x Market Net Asset Value (mNAV)*"

mNAV stands for market net asset value — a per-share estimate of a fund’s or company’s assets calculated using current market prices rather than older book values. It gives investors a real‑time sense of what the underlying holdings are worth, so comparing mNAV to the market price helps reveal whether shares are trading at a sensible value or at a discount or premium, much like checking the current resale value of items in a garage sale.

tokenization technical

"and is exploring the tokenization of real-world assets."

Tokenization is the process of converting real-world assets or rights into digital tokens stored on a computer network. This allows assets, such as property or investments, to be divided into smaller parts, making them easier to buy, sell, or transfer electronically. For investors, tokenization can increase access to a wider range of investments and make transactions faster and more efficient.

ASU 2023-08 regulatory

"the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60)"

An ASU (Accounting Standards Update) is a numbered change issued by the Financial Accounting Standards Board that updates U.S. GAAP rulebooks; “ASU 2023-08” refers to the specific update published in 2023. Investors care because these updates change how companies record or present financial transactions—like a sports rule change that alters how scores are kept—so they can affect reported profits, balance sheet items and ratios used to value and compare companies.

PCAOB regulatory

"trigger PCAOB audit procedures, which would materially delay the process."

The PCAOB (Public Company Accounting Oversight Board) is an independent regulator that inspects and enforces rules for the auditors who check public companies’ financial statements. Think of it as a referee for accountants: it sets standards, reviews audit work, and can punish sloppy or dishonest audits. That matters to investors because trustworthy, well-audited financial reports reduce the risk of surprises and help people make better decisions about buying, holding, or selling stocks.

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.