The CoinShares Bitcoin Mining UCITS ETF has been trading on Deutsche Börse Xetra since 21 July 2026, under the ticker MINE and at 0.65% p.a.1 It holds the shares of listed Bitcoin miners, physically and in full, and as at that date CoinShares is the only asset manager offering a pure-play version of that strategy inside a UCITS structure.1
For a good number of European allocators, that last detail is what matters most. Their mandates permit UCITS funds and nothing else.
Bitcoin is out of UCITS, Bitcoin mining companies are not
UCITS funds can hold only eligible assets, which in practice means transferable securities admitted to trading on a regulated market, and they must spread risk across a minimum number of holdings.2 A product tracking one commodity-like asset fails on both counts. Every single-asset Bitcoin product in Europe is therefore an ETP sitting outside the regime. Those products are well regulated and widely held, but a UCITS-only mandate still cannot touch them.
Miner shares change the arithmetic. They trade on regulated exchanges, publish audited accounts and deal daily, so they qualify as transferable securities, and a basket of them satisfies the risk-spreading test that one asset never will. The investor ends up owning the industry that produces Bitcoin rather than the Bitcoin itself, which for a lot of clients is the more comfortable position anyway. There is no wallet to open and nothing to custody, and the holding drops straight into an equity allocation that already exists.
What the index actually does
Weighting has nothing to do with market capitalisation. Solactive AG administers the CoinShares Bitcoin Mining Index, and constituents are ranked by a quality score drawn from ten years of CoinShares research, including site visits to operators.1 The score looks at deployed hashrate and how fast it is growing, at production cost per Bitcoin and operating margin, at balance sheet strength and debt management, at the renewable share of the energy mix, and at governance. No holding runs above 18%, with an extension to 33% for the largest constituent in exceptional circumstances. The index rebalances every quarter.
“Single-name Bitcoin miners are volatile, idiosyncratic and operationally complex,” says Romain Barrot, head of European ETP products at CoinShares. “A rules-based, quality-weighted basket is a more disciplined way to access the sector.”
Another route to Bitcoin exposure
Miners earn in Bitcoin and pay in fiat, electricity above all. That produces operating leverage: when Bitcoin appreciates, miner margins have historically expanded by more than the underlying price itself, because revenue rises against a largely fixed cost base.1 The mechanism runs in reverse just as fast, and operators high on the cost curve are the most exposed when it does. Cost position decides who comes through a downturn, which is exactly what the quality score is built to find. The exposure is concentrated and volatile, and should be sized on that basis.
How it lands in a client conversation
For clients who already hold Bitcoin, mining equities add the industrial layer underneath it rather than doubling up on the same bet. For clients whose mandates rule Bitcoin out altogether, this is a version of that conversation that now ends in something they can actually buy. Either way it belongs on the satellite side of a portfolio, and the sizing question matters more than the entry point.
CoinShares spent ten years working out which miners belong in a portfolio, and the wrapper is what finally makes that work usable for advisers who could not act on it before.
Key risks and availability
Worth saying plainly to clients: mining companies are highly exposed to the Bitcoin price, and they carry real operational, regulatory, ESG and cybersecurity risk on top of it. There is no capital protection and no guarantee of any kind, so investors can lose some or all of their money. The Risk Factors section of the Prospectus and the Key Information Document are both free on https://coinshares.com/etp/documents/. Refer to these documents to find out yourself with all the risks associated with this product, as well as the key information, before making any decision.
As at 21 July 2026, MINE is notified for cross-border marketing under Article 93 of the UCITS Directive in France, Germany, Luxembourg and Italy, for professional and retail investors. In Switzerland it is available to qualified investors within the meaning of the Collective Investment Schemes Act.
Disclaimer
CoinShares Bitcoin Mining UCITS ETF is a passively managed index-tracking fund whose objective is to replicate the performance of the CoinShares Bitcoin Mining Index. The ETF’s trading price may differ from its net asset value (NAV) and from that of the index.
Shares in a listed UCITS (‘UCITS ETF’) acquired on the secondary market cannot generally be resold directly to the listed UCITS. Investors must buy and sell shares on a secondary market with the assistance of an intermediary (for example, a broker) and may therefore incur costs. Furthermore, investors may pay more than the current net asset value when buying shares and receive less than the current net asset value upon resale.
Sources
1 CoinShares, CoinShares Bitcoin Mining UCITS ETF launch press release and product documentation, 21 July 2026
2 Directive 2009/65/EC (UCITS Directive), eligible assets and risk-spreading requirements