CoinShares has added a London Stock Exchange listing for the CoinShares Bitcoin Mining UCITS ETF, effective 23 October 2026.
Sign up to our free newsletters
Article created by the editorial staff of ETFWorld.co.uk
Jean-Marie Mognetti, CEO and Co-Founder of CoinShares
The Irish-domiciled fund, identified by ISIN IE0008EKJPN4, tracks the CoinShares Bitcoin Mining Index and invests in listed companies active in Bitcoin mining. Its total expense ratio (TER) is 0.65% a year.
The London line follows the fund’s primary listing on Deutsche Börse Xetra on 21 July 2026 and its arrival on Borsa Italiana’s ETFplus market on 28 September 2026. According to CoinShares, it is the only UCITS ETF in Europe offering dedicated exposure to listed Bitcoin mining companies.
Key facts
| Product Name | CoinShares Bitcoin Mining UCITS ETF USD Acc |
| ISIN | IE0008EKJPN4 |
| SEDOL | BWBYTB8 |
| Currency | GBP |
| Management fee | 0.65% |
| Income treatment | Accumulating |
What a Bitcoin mining ETF holds
Bitcoin miners verify transactions, secure the blockchain and receive bitcoin as a reward. The companies in the index are listed equities. The fund therefore provides exposure to the Bitcoin ecosystem without holding bitcoin directly.
CoinShares describes mining companies’ performance as strongly sensitive to the bitcoin price cycle and to operating gains from improvements in energy efficiency. In its product guide, the issuer explains that miners earn revenue in bitcoin, mainly through block rewards, while paying most of their costs — chiefly electricity and hardware — in fiat currency.
This creates operating leverage that works in both directions. When bitcoin rises, miner margins have historically expanded by more than the bitcoin price; when it falls, margins compress faster and weaker operators can come under financial strain.
How the index selects companies
The CoinShares Bitcoin Mining Index is calculated and administered by Solactive AG, with CoinShares acting as index advisor. Constituents are weighted by a composite quality score. Market capitalisation is not the weighting basis.
Each company is assessed on five factors:
Hashrate: the scale and growth of deployed computing power.
Profitability: cost efficiency, measured through production cost per bitcoin and operating margin.
Financial resilience: balance sheet strength, liquidity and debt management.
Environmental efficiency: the share of renewable energy in the operator’s energy mix.
Governance: board independence, reporting quality and shareholder alignment.
CoinShares states that the score draws on ten years of proprietary research into the mining sector, including on-site visits to operators. A single-stock cap of 18% applies, which can be raised to 33% for the largest constituent only in exceptional circumstances. Weights are reset at each quarterly rebalancing.
Why CoinShares chose a UCITS structure
The issuer presents the fund as a targeted alternative to broader crypto-equity and blockchain products, available in a UCITS structure through a standard brokerage account. CoinShares identifies two groups of users: professional and institutional investors whose mandates require a UCITS-compliant route into the digital asset economy, and retail investors who want listed-equity exposure without wallets, private keys or direct custody of bitcoin.
At the July launch, CoinShares placed the fund in the context of the European UCITS market, which it sized at €26.3 trillion in net assets as of April 2026, citing EFAMA data. The fund is the first strategy issued from the CoinShares UCITS platform.
Jean-Marie Mognetti, co-founder, president and chief executive of CoinShares, said at launch that many European investors want exposure to the economics of bitcoin but cannot, or choose not to, hold the asset directly, and that the fund was built for them. Romain Barrot, head of European ETP products, said that single-name miners are volatile and operationally complex, and that a rules-based, quality-weighted basket offers a more disciplined way to access the sector, with UCITS diversification rules reducing single-company concentration.
From Xetra and Borsa Italiana to the London Stock Exchange
The fund was launched on 16 July 2026 and began trading on Deutsche Börse Xetra on 21 July 2026 under the ticker MINE. A euro-denominated line on Borsa Italiana’s ETFplus market followed on 28 September 2026, as reported by ETFWorld.it. The London Stock Exchange listing on 23 October 2026 is the fund’s third European trading venue.
The European ETF is separate from WGMI, the US-listed Bitcoin mining fund managed by the CoinShares group. CoinShares PLC is headquartered in Jersey and is listed on Nasdaq under the ticker CSHR.
Conclusions
The CoinShares Bitcoin Mining UCITS ETF is now listed on the London Stock Exchange, in addition to Xetra and Borsa Italiana. It offers physically replicated, quality-weighted exposure to listed Bitcoin miners, at a TER of 0.65% a year, within an Irish UCITS structure.
The fund’s returns will depend on the bitcoin price, on the operating efficiency of the companies in the index and on the effects of future halvings on miner revenue. Its quarterly rebalancing and single-stock caps set the framework within which these factors feed into the portfolio.
Subscribe to Our Newsletter
