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CoinShares Digital Securities Limited: Merge Update - CoinShares Physical Ethereum ETP

·2-min read

CoinShares Digital Securities Limited / Key word(s): Merger

14-Sep-2022 / 15:45 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

September 14, 2022

 

 

CoinShares Digital Securities Limited

 

CoinShares Digital Securities Limited (the "Issuer") announces developments relevant to its CoinShares Physical Ethereum securities.

 

The Issuer has been closely following the developments in the Ethereum protocol, with respect to both the proposed move (the "Merge") to a Proof of Stake consensus network (the "ETHPoS") as well as the proposed fork (the "Fork") of the existing Proof of Work consensus network (the "ETHPoW").  As a result of the Fork, the Issuer understands that a new Digital Currency ("ETHW") will be created and distributed pro rata to all holders of the existing Ether Digital Currency (ETH).

 

The Fork will constitute a Fork Event for the purposes of the Conditions.  The Issuer expects, to the extent possible,  to share the ETHW with Security Holders of CoinShares Physical Ethereum pursuant to Condition 15.4 of the Conditions of the Digital Securities.  However, the Issuer notes (i) that the markets for both ETHW and ETH may experience significant price volatility during the Merge, and (ii) that the new protocol for ETHW may experience risks associated with the stability of the technology underpinning the protocol as well as risks to the adoption of ETHW among exchanges and custodians.  As a result, the Issuer will continue to monitor the situation for ETHW, with a focus on the timing, adoption and viability of the new protocol and underlying digital currency before finalising any approach to a distribution associated with a Fork Event.

 

Terms used in this announcement and not otherwise defined bear the same meanings as used in the base prospectus of the Issuer dated April 20, 2022.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

 


End of Inside Information

Language:

English

Company:

CoinShares Digital Securities Limited

2 Hill Street

JE2 4UA St Helier

Jersey Guernsey

Phone:

+44 1534513100

E-mail:

physical@coinshares.com

Internet:

https://coinshares.com/

ISIN:

GB00BNRRFW10, GB00BMWB4803, GB00BNRRF659, GB00BNRRFY34

Listed:

Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; SIX Swiss Exchange

EQS News ID:

1442549


 

End of Announcement

EQS News Service

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