News // March 14th, 2018

XBT Provider AB: Completion Of Distribution Of Bitcoin Cash Proceeds

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STOCKHOLM, March 16, 2018 - Further to its previous Press Releases, in particular that of 24th January, 2018 (the "Earlier Press Release"), in connection with the decision by XBT Provider AB (Publ) (the "Issuer"), following the 'bitcoin cash fork', to make a cash distribution to the custodians and nominees which held the Issuer's Certificates (referenced to bitcoin) as at the opening of trading on 1st August, 2017 (such persons, the "Swedish Agents", many of which were brokers in the market), the Issuer is pleased to confirm that the relevant distributions were processed on 9th March, 2018. (Please note that the opening of trading on 1st August, 2017 is equivalent to the end of trading on 31st July, 2017, and is evidenced by the statement obtained by the Issuer from Euroclear on 2nd August, 2017).

As noted in the Earlier Press Release, prior to the distributions being made the Issuer had negotiated with the Swedish Agents an arrangement whereby they would onwardly remit the applicable sums received from the Issuer to their relevant customers. The Issuer understands that these onward remittances have been made. However, should any person believe that they are yet to receive their entitlement (and can evidence that they were beneficially entitled to the Issuer's bitcoin-referenced Certificates as at the opening of trading on 1st August, 2017) (any such persons, an "Unpaid Recipient"), they are advised to:

  • Contact the applicable Swedish Agent to confirm their position in respect of the distribution; and
  • If the matter cannot be successfully resolved with the relevant Swedish Agent, to request that that Swedish Agent contacts the Issuer on their behalf in connection with the matter. (The Issuer regrets that it can only respond to enquiries from a Swedish Agent, a list of which follows below in this Press Release).

The Issuer does not anticipate that there will be a significant number of Unpaid Recipients, however, by virtue of the fact that the relevant corporate action through which the distributions to the Swedish Agents were made (which was an unconventional and manual process), it is possible that some anomalies may have occurred.

The Issuer wishes to reassure any Unpaid Recipients that they will be made good in respect of any distribution to which they were entitled in any circumstances where their relevant Swedish Agent did not, for any reason, receive the relevant sum from, or on behalf of, the Issuer. As with the decision by the Issuer to make the aforementioned cash distributions, the Issuer wishes to stress that this commitment to make good any Unpaid Recipients is an act of good faith on its part and a reflection of the Issuer's commitment to ethical conduct of the highest standard.

The Swedish Agents to which distributions were made (and to whom the Issuer will respond to any enquiries concerning Unpaid Recipients) are:

AVANZA BANK AB
CARNEGIE INVESTMENT BANK AB
CITIBANK EUROPE PLC
DANSKE BANK A/S, DANMARK, SVERIGE FILIAL & DEN DANSKE BANK
EUROCLEAR SWEDEN AB
HANDELSBANKEN CAPITAL MARKETS + SVENSKA HANDELSBANKEN AB (PUBL)
MANGOLD FONDKOMMISSION AB
NORDEA BANK AB (PUBL) + NORDEA BANK AB (PUBL) F.D. NORDEA BANK DENMARK A/S
NORDNET BANK AB
SEB
SKANDIABANKEN AKTIEBOLAG (PUBL.)
SWEDBANK AB

The Issuer is pleased that, save for resolution of any scenarios involving Unpaid Recipients (which, should they arise, will be undertaken as promptly as possible), the matter of the distribution of proceeds arising from the 'bitcoin cash fork' has been concluded.

The Issuer would like to reiterate from its Press Release of 29th July, 2017 that it should be borne in mind that the circumstances of each bitcoin or ethereum fork are unique, their relative significance varies and the technical construction of each fork, and the ideology it represents, varies from one fork to another. Prevailing market-conditions at the time of and following each fork are also variable. For such reasons, the Issuer reiterates that its policy is to consider the appropriate action to take in light of each fork event on a case-by-case basis. What is appropriate in the context of one fork may not be advisable in the context of a different fork. Accordingly, the cash distribution plan implemented in connection with the 'bitcoin cash fork', as referred to herein, should not be regarded as setting a definitive precedent for the action which the Issuer may take on the occurrence of any future fork.

ABOUT THE ISSUER

XBT Provider AB (Publ), a CoinShares company, is the Swedish-domiciled issuer of Bitcoin Tracker One and Bitcoin Tracker Euro (COINXBT:SS, COINXBE:SS, respectively) and Ether Tracker One and Ether Tracker Euro (COINETH:SS and COINETHE:SS). These trackers are designed to mirror the return of the underlying asset, bitcoin (in Swedish Kronor and Euro, respectively). In 2015, Bitcoin Tracker One became the first bitcoin-referenced security available on a regulated exchange when it listed on NASDAQ in Stockholm. In 2017, Ether Tracker One became the first ether-referenced security available on a regulated exchange when it listed on NASDAQ in Stockholm. All four certificates are available in 179 countries and are traded in the same manner as any other share or instrument listed on the Nasdaq exchange in Stockholm. The Issuer's Prospectus is approved by the Swedish FSA (Finansinspektionen) and its products are listed on Nasdaq Nordic in Stockholm. XBT Provider AB (Publ) is not a licensed financial advisor. The views presented in this release are the opinions of the Board of XBT Provider AB (Publ) and no other party. Bitcoin and ether are volatile assets and their prices (and the price of securities that are referenced to them) can move quickly. Prospective investors in the Issuer's certificates should carefully consider the suitability of such an investment and, in connection with such a determination, should carefully read the Issuer's latest Prospectus (including, in particular, the risk warnings set out therein). For More Information regarding XBT Provider, contact us at: XBT Provider AB (Publ) [email protected] or visit our website at: www.XBTProvider.com.

Thinking of Trading? Common Investor Questions

How Do I Trade?

Bitcoin Tracker One, Bitcoin Tracker Euro, Ether Tracker One and Ether Tracker Euro are traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. To invest, you need an account, which is obtained through your bank, advisor or online broker. The product is listed on Nasdaq in Stockholm and is traded during normal opening hours: Monday to Friday, 9:00 to 17:25 (CET), except holidays. More questions? Please contact your advisor, brokerage or bank.

What Backs the Products?

We buy the relevant amount of bitcoin and/or ether upon issuance of a new certificate which ensures that we are always 100% hedged and able to support the outstanding value of the product. This means that our assets (as well as liabilities to Certificate-holders) follow the price of bitcoin and ether. Additionally, the certificates are guaranteed by Global Advisors (Jersey) Limited.

Where Can I Trade?

If your current advisor, broker or bank is unable to help, you can contact Mangold Fondkommission. Mangold Fondkommission is a Stockholm based Brokerage and Investment bank. As a member of Nasdaq (Stockholm) the company assists XBTProvider with clearing services and acts as a liquidity provider for our products. To open an account or for general inquiries please call +46 8 50301550 or visit http://www.mangold.se.

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