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Attested under AT-C 215 · MonthlySep 22, 2026 · 16:16 UTC, view the agreed-upon procedures report (opens in a new tab)

Proof of Reserves · CoinShares XBT Provider

$2.48B

CoinShares’ Holdings in assets referenced by the ETPs (issued by XBT Provider)

Collateralization
113.3%Aggregate across 4 notes
Products covered
4Bitcoin & Ether Trackers · EUR & SEK
Cadence
MonthlyDate selected by TNF

Assets and Obligations

Total Position against Noteholder Obligations

Month-end positions across the trailing twelve months.

Total PositionNoteholder Obligation
Total position against noteholder obligation, by month
MonthTotal positionNoteholder obligation
Sep 30, 2025$4,012,543,929$3,736,497,037
Oct 31, 2025$3,659,103,442$3,398,670,801
Nov 28, 2025$2,900,741,093$2,657,695,395
Dec 31, 2025$2,792,168,469$2,513,096,073
Jan 30, 2026$2,536,958,724$2,267,584,871
Feb 27, 2026$2,003,352,858$1,697,311,356
Mar 31, 2026$2,007,842,048$1,709,692,543
Apr 30, 2026$2,333,487,330$1,952,756,159
May 29, 2026$2,186,548,989$1,812,627,741
Jun 30, 2026$1,664,280,502$1,380,511,226
Jul 31, 2026$1,836,376,393$1,539,414,132
Aug 31, 2026$2,281,255,894$1,973,003,908
Sep 22, 2026$2,480,496,243$2,189,627,914

Gridlines $1.00BSep 30, 2025 – Sep 22, 2026

Collateralization
113.3%Sep 22, 2026
1-month delta
+$199.2Mvs. Aug 31, 2026
12-month delta
−$1.53Bvs. Sep 30, 2025

Monthly report detail

As of Sep 22, 2026 · 16:16 UTC

AT-C 215 · AICPA

CoinShares XBT Provider Notes · Agreed-Upon Procedures

Noteholder obligation, hedge position and collateralization ratio for each note pair, with aggregate totals.
Note pairNoteholder obligationHedge positionCollateralization
Bitcoin Trackers (One + Euro)$1,586,546,111$1,776,135,313111.9%
Ether Trackers (One + Euro)$603,081,803$704,360,930116.8%
Total$2,189,627,914$2,480,496,243113.3%

All dollar values in USD. Bitcoin Tracker One and Bitcoin Tracker Euro are denominated in SEK and EUR respectively; Ether Tracker One and Ether Tracker Euro likewise. The collateralization ratio compares aggregate USD hedge position against aggregate USD noteholder obligation.

Asset source classification (per AT-C 215 procedures)

Wallet addresses
Self-custodied digital assets (physical)
Custodians
Custodial digital assets (physical)
Third-party exchanges
Spot assets (physical) · derivative positions (synthetic) · derivative collateral (physical)
Brokerages
Financial instruments (physical) · other financial instruments (synthetic)
Lending agreements
Lending positions (synthetic)

Engagement history

Historical Reports

One report generated per month on a date selected by The Network Firm.

  • Sep 22, 2026 · TueCoinShares XBT Provider
  • Aug 31, 2026 · MonCoinShares XBT Provider
  • Jul 31, 2026 · FriCoinShares XBT Provider
  • Jun 30, 2026 · TueCoinShares XBT Provider
  • May 29, 2026 · FriCoinShares XBT Provider

Independent agreed-upon procedures performed by The Network Firm LLP, in accordance with AT-C 215 (Agreed-Upon Procedures Engagements) issued by the American Institute of Certified Public Accountants (AICPA).

These dashboards summarize selected findings from agreed-upon procedures engagements performed by The Network Firm LLP (“TNF”) for CoinShares International Limited under attestation standards established by the AICPA. TNF was not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the digital asset balances represented by CoinShares. Accordingly, TNF does not express such an opinion or conclusion.

The AT-C 215 Agreed-Upon Procedures Reports available through this dashboard are the only information on this site that is subject to TNF’s agreed-upon procedures, as set forth in the applicable report. Each report should be read in its entirety, including the description of the subject matter, intended purpose, management’s responsibilities, TNF’s responsibilities and the associated procedures and findings. The procedures and associated findings are limited to the subject matter detailed in each individual report and are not intended to assess CoinShares’ overall financial health, solvency, or the market value and redeemability of the ETPs/ETNs. The practitioner’s report is as of a specified point in time and TNF has no responsibility to update the report or findings therein for subsequent points in time.

All dashboard metrics, summaries, charts, tables, status indicators, and other information outside the issued AT-C 215 Agreed-Upon Procedures Reports are provided solely as supplemental, non-assured information. Such information does not constitute an audit, review, examination, or other attestation engagement, and no opinion, conclusion, or other form of assurance is provided by TNF on that information.

In connection with this dashboard, TNF may receive data, apply mechanical calculations, and present resulting information through this portal together with TNF’s issued work product. This dashboard is intended as a means of delivering TNF’s reports and related supplemental information only. It is not CoinShares’ system of record, accounting system, internal control system or official books and records.

CoinShares remains solely responsible for maintaining complete and accurate books and records, source data, and supporting documentation; for the preparation and presentation of its information; and for all judgments, decisions, and actions taken based on information displayed on or obtained through this dashboard. Users should not rely on dashboard metrics as a substitute for the applicable AT-C 215 Agreed-Upon Procedures Report or for CoinShares’ official records.

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