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CoinShares PLC·4

Apr 2, 9:09 PM ET

Nash Richard Stephen 4

Research Summary

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CoinShares (CSHR) Interim CFO Richard Nash Receives Shares & Options

What Happened
Richard Stephen Nash, Interim Chief Financial Officer of CoinShares PLC (CSHR), acquired 96,914 ordinary shares on March 31, 2026 and was reported as receiving 401,283 derivative securities (converted options) on April 1, 2026. The Form 4 shows no cash paid for these transactions — the shares and options were issued in connection with a previously announced business combination that converted holdings in CoinShares International Limited (CSIL) into shares and option rights of CoinShares PLC. The filing lists the derivative items at $0.00 but footnotes explain these are converted options with an adjusted exercise price and a specified vesting date.

Key Details

  • Transaction dates and prices:
    • 2026-03-31: Acquired 96,914 ordinary shares (no cash price shown; acquisition via business combination).
    • 2026-04-01: Acquired 401,283 derivative securities (reported at $0.00; these are converted options).
  • Shares owned after transaction: Not specified in the filing.
  • Notable footnotes:
    • F1: Transactions are the result of the closing of a business combination between CoinShares PLC and CoinShares International Limited (CSIL). Each CSIL share converted into approximately 1.8237 ordinary shares of CoinShares PLC (the Exchange Ratio).
    • F2: Unvested CSIL options were converted into options to purchase CoinShares PLC ordinary shares using the Exchange Ratio; the per‑share exercise price was adjusted by dividing the prior exercise price by the Exchange Ratio. The converted options reported in this filing vest on March 24, 2028.
  • Filing timeliness: The Form 4 was filed April 2, 2026 for transactions dated March 31 and April 1, 2026; this appears to be timely (Form 4 is generally due within two business days of the reportable transaction).

Context

  • These transactions reflect a corporate reorganization (share-and-option conversion) tied to the business combination, not an open‑market purchase or sale. The derivative line reflects converted option rights rather than a new cash exercise; vesting and the adjusted exercise price are governed by the conversion terms described in the footnotes.