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CoinShares PLC·4

Apr 2, 9:06 PM ET

Masters Daniel 4

4 · CoinShares PLC · Filed Apr 2, 2026

Research Summary

AI-generated summary of this filing

Updated

CoinShares (CSHR) 10% Owner Daniel Masters Acquires 21.6M Shares

What Happened

  • Daniel Masters, reported as a 10% owner of CoinShares PLC (CSHR), acquired 21,605,661 ordinary shares of the issuer on March 31, 2026. The shares were received in connection with the closing of a business combination that converted the reporting person’s CSIL shares into CoinShares ordinary shares (each CSIL share became ~1.8237 CoinShares ordinary shares).
  • The filing also shows 13 separate derivative-related entries (each for 1 share) tied to a Master Securities Loan Agreement under which Masters sold CSIL shares across 13 tranches and holds European-style call options on those tranches; these call options effectively substituted the ordinary shares issued in the business combination. No cash prices or dollar values are reported (N/A).

Key Details

  • Transaction date: March 31, 2026. Filing date/accession: April 2, 2026 (filed within the Form 4 reporting window).
  • Primary share count: 21,605,661 ordinary shares; plus 13 derivative entries reported as 1 share each (related to tranche call options).
  • Conversion ratio: ~1.8237 CoinShares ordinary shares per CSIL share (per filing footnote).
  • Derivative terms (per footnote): call options are European-style, exercisable only on the stated maturity date (each tranche matures ~3 years after its closing date), with interest paid by the reporting person at 3.75% per annum; maturities are staggered (if needed, shifted by 30 days to avoid close overlap).
  • Transaction code: J (“Other acquisition/disposition”) — reflects conversion/substitution mechanics rather than an open-market purchase or sale.
  • Shares owned after transaction: not specified in the provided filing excerpts.

Context

  • This was not an open-market purchase or sale by an executive: the primary movement arose from a corporate business combination (conversion of CSIL holdings into CoinShares shares) and from securities-loan/call-option arrangements. For retail investors, such transactions reflect structural changes from a corporate deal and contractual derivative arrangements rather than a straightforward insider buy/sell that signals immediate personal market sentiment.

Insider Transaction Report

Form 4
Period: 2026-03-31
CoinShares PLCCSHR
Masters Daniel
Director10% Owner
Transactions
  • Other

    Ordinary shares

    [F1]
    2026-03-31+21,605,661→ 21,605,661 total
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $256221.00From: 2026-09-12Exp: 2026-09-12→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $238959.00From: 2026-10-12Exp: 2026-10-12→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $247842.00From: 2026-11-11Exp: 2026-11-11→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $225477.00From: 2026-12-11Exp: 2026-12-11→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $243306.00From: 2027-01-10Exp: 2027-01-10→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $235053.00From: 2027-02-09Exp: 2027-02-09→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $241416.00From: 2027-03-11Exp: 2027-03-11→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $343539.00From: 2027-04-10Exp: 2027-04-10→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $317268.00From: 2027-05-10Exp: 2027-05-10→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $335349.00From: 2027-06-09Exp: 2027-06-09→ Ordinary Shares (182,372 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $1010394.00From: 2027-07-09Exp: 2027-07-09→ Ordinary Shares (547,116 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $986769.00From: 2027-10-14Exp: 2027-10-14→ Ordinary Shares (547,116 underlying)
  • Other

    Call Option (right to buy)

    [F2][F1]
    2026-03-31+1→ 1 total
    Exercise: $580986.00From: 2027-11-13Exp: 2027-11-13→ Ordinary Shares (364,744 underlying)
Footnotes (2)
  • [F1]On March 31, 2026, CoinShares PLC, a public company limited by shares organized under the laws of Jersey (the "Issuer"), consummated its previously announced business combination (the "Business Combination") pursuant to Business Combination Agreement, dated as of September 8, 2025, by and among the Company, CoinShares International Limited, a public company limited by shares organized under the laws of Jersey ("CSIL"), and the other parties thereto. Upon closing of the Business Combination, the reporting person acquired these securities in exchange for the reporting person's securities in CSIL pursuant to the terms and conditions of the Business Combination Agreement. In the Business Combination, each CSIL share became approximately 1.8237 ordinary shares of the issuer.
  • [F2]Pursuant to a Master Securities Loan Agreement, the reporting person sold shares of CSIL across 13 separate tranches. The reporting person holds a European-style call option with respect to each tranche, exercisable only on the applicable maturity date (the "Maturity Date") set forth in column 6 of Table II for the amount set forth in column 2 of Table II. Under the Master Securities Loan Agreement, the call option automatically substituted the Ordinary Shares of the Issuer issued in the Business Combination in exchange for the CSIL shares subject to the call option. During the term of the options, the reporting person pays the counterparty interest at the rate of 3.75%, per annum. The Maturity Date for each tranche is three years after to the applicable Closing Date; provided, if the resulting Maturity Date would fall less than 30 days after the Maturity Date of the immediately preceding tranche, the Maturity Date is instead30 days after the Maturity Date of such preceding tranche.
Signature
/s/ Daniel Masters|2026-04-02

Documents

1 file
  • 4
    ownership.xmlPrimary