Masters Daniel 4

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.