CoinShares (NASDAQ:CSHR) held its quarterly earnings conference call on Monday. Below is the complete transcript from the call.
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The full earnings call is available at https://coinshares.wavecast.io/quarterly-earnings/h1-2026-earnings-call
Summary
CoinShares reported a decline in assets under management (AUM) by approximately 25% due to market contractions, but recorded $28 million in positive net inflows, indicating client retention.
The company generated $40 million in management fees, reflecting a shift from legacy products to newer offerings, amidst market-driven revenue declines.
Capital Markets generated $15 million in revenue despite reduced lending activity, showing resilience in a difficult market environment.
CoinShares maintained profitability with $21.6 million in segment EBITDA, adjusted to $26.5 million by excluding one-off costs associated with their Nasdaq listing.
The company announced a proposal for a share repurchase program of up to 25% of shares, seeking shareholder approval.
Full Transcript
OPERATOR
Thank you for standing by and welcome to the CoinShares H1 2026 earnings broadcast. All participants dialing in are in a listen-only mode. After the speaker's presentation there will be a question and answer session. You can submit your questions via the post box below the video on the platform. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host, Jerry Lee Brown.
Jerry Lee Brown, Investor Relations
Thank you. Good morning everyone and thank you for joining us. Before we begin, CoinShares would like to remind everyone that statements made on today's call and webcast will include forward-looking statements, including statements about plans, goals, expectations, and aspirations for the company. Such forward-looking statements are based on current expectations and assumptions and are not guarantees of future performance or success. The statements are subject to risks and uncertainties and actual results may, and often do, materially differ from those expressed or implied in the forward-looking statements.
For a discussion of these risks and uncertainties, please refer to the CoinShares Annual Report on Form 20-F for the fiscal year ended December 31, 2025 and other filings with the SEC. CoinShares undertakes no obligation to update any forward-looking statements except as may be required by law. In addition, during this call, CoinShares will refer to certain non-GAAP financial measures. The non-GAAP measures may not be comparable to similar measures disclosed by other companies because not all companies and analysts calculate these measures in the same manner.
Management believes these measures provide useful supplemental information, but they should not be considered substitutes for financial measures prepared in accordance with U.S. GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings press release and investor presentation, which has been filed with the SEC and are available on our Investor Relations website. Today's earnings call will be delivered by Jean-Marie Mognetti, Chief Executive Officer, and Richard Nash, Interim Chief Financial Officer.
Jean-Marie, over to you.
Jean-Marie Mognetti, Chief Executive Officer
Thank you, Jerry, for this legal disclaimer. So this is a particularly significant release for CoinShares. It is our first results presentation since completing our U.S. listing and it marks the beginning of our ongoing communication with the market as we settle into our life as a U.S. Nasdaq-listed company. I'm going to start with the headline story of the first half and then Richard will take you through the numbers in more detail. The first half of 2026 was in many ways a stress test for our business model.
Digital asset markets experienced one of the sharpest contractions in recent years. Bitcoin ended the period down approximately 32% since the beginning of the year, Ethereum was down approximately 48%, and our assets under management declined by approximately 25%. But what matters to me is how the business performs through that environment. And I think there are six proof points worth double-clicking on. First point: Our clients stayed with us and we generated positive net flows despite the significant decline in asset values.
CoinShares recorded approximately $28 million of net inflows during the period. That distinction matters. Our AUM declined because markets declined, not because clients were leaving the platform. Second point: Our flows materially outperformed the market. While the broader industry experienced meaningful redemptions, CoinShares generated positive organic growth. Within that, our physical platform in Europe, our growth engine, attracted approximately $156 million of net inflows, demonstrating the continued migration and strength of our core European franchise.
Third point: The economics of our asset management business remain resilient. We generated $40 million of management fees during the half. Revenue declined primarily because lower digital asset prices reduced average AUM. We also continue to see the product mix of our European business shift from our legacy XBT products toward our new physical platform and Block Index, continuing our product diversification. In other words, the principal pressure on asset management revenues came from the market environment and associated change in product mix, not from a deterioration of the franchise.
Fourth point: Capital Markets remained strong through an exceptionally difficult environment. Capital Markets generated approximately $15 million of segment revenue and gains during the half. That result reflects the way we manage this business. We reduced lending activity and maintained a conservative approach to balance sheet deployment as market conditions deteriorated. Fifth point: The underlying operating businesses remained profitable despite the severity of the market correction.
We generated $21.6 million of segment EBITDA during the first half. This figure also includes several one-off costs not taken through equity in association with the listing and U.S. GAAP conversion costs totaling circa $4.9 million; segment EBITDA adjusted for these amounts would be closer to $26.5 million. The difference between that underlying segment performance and our reported GAAP loss is important. The reported result includes the unrealized loss on the group XBT pricing differential, costs associated with completing the Nasdaq listing and transition to U.S. GAAP, the settlement of our historic share option plan, and, below operating income, the mark-to-market impact of our digital asset treasury position. Sixth point: We entered the second half with both the balance sheet and the platform positioned to benefit from a recovery. On June 30th we had approximately $453 million of net assets, no long-term debt, having repaid our loan to Intesa Bank, and approximately $440 million of available capital. Since then, digital asset markets have begun to recover.
Bitcoin increased approximately 34% between June 30 and August 31, and our AUM had recovered to approximately $6.9 billion by the end of August, moving back toward December 2025 levels. So when I step back from the individual numbers, the message from the first half is relatively simple. The market contracted sharply and we weathered the storm well, as we have done many times in the past. Clients continue to allocate to us, our core asset management segment remained profitable, our Capital Markets segment remained profitable, we preserved capital when conditions warranted it, and we finished the period with a very strong balance sheet.
That is what we mean when we talked to our investors during the pre-IPO roadshow about our resilience: not avoiding market cycles but having a business model built to navigate through them. And importantly, we are not standing still. We are continuing to build beyond passive listed products across active strategies, staking, on-chain infrastructure, and new investment exposures with one objective: to make the frontier investable. It is against that backdrop, and with that balance sheet strength, that our board has put forward a proposal for a multi-year share repurchase program of up to 25% of shares outstanding.
We will ask shareholders to approve this at our upcoming EGM tomorrow. With that, I'll hand it over to Richard to take you through the financial performance in more detail. Richard, over to you. Well, thank you, Richard. That was the lion's share of the presentation, but let me continue for a few minutes on more investor relations matters. I want to spend a moment on valuation because valuation is an important part of how the Board thinks about capital allocation. Based on the pro forma share count of approximately 138.1 million shares and our closing share price of $5.60 on September 2nd, CoinShares had a market capitalization of approximately $738 million.
Against that, we ended June with approximately $413.9 million of available capital. If you use the available capital position as an adjustment to market capitalization, that implies a value of approximately $324.1 million for the operating business. Our June available capital represents approximately $3.14 per share compared with a September 2nd share price of $5.60. So a significant portion of the current equity value is represented by capital already on the balance sheet, while shareholders' return exposure to the earnings power of the operating franchise.
That matters for valuation and that matters for capital allocation. We have a strong balance sheet, no long-term debt, and significant available capital. At the same time, the Board believes the current share price does not fully reflect the value and earnings potential of the business. That is why the Board believes having the ability to repurchase shares at appropriate prices and times can represent one example of an attractive use of capital for shareholders, which we would be asking our shareholders to vote on at the upcoming AGM tomorrow.
And then finally, I want to touch briefly on another consequence of our transition to the U.S. public market: potential index inclusion. Based on our current understanding of the applicable criteria, CoinShares may become eligible for inclusion in certain Russell indices at a future reconstitution, subject of course to the relevant eligibility, ranking, and free float requirements. There is no certainty here that CoinShares will be included, and any potential weighting or associated passive demand would ultimately be determined by the index provider.
However, based on external investment banking analysis, potential inclusion could result in a meaningful increase in passive institutional ownership relative to our current trading liquidity. I think the broader point here is more important than any specific estimate. One of the reasons we moved CoinShares to Nasdaq was to broaden access to the company among U.S. institutional investors. Index inclusion is another potential step in that process. Over time, we believe the combination of increased research coverage—we already have KBW and are working on others—greater institutional accessibility, potential index participation, and improved liquidity can help broaden and diversify our shareholder base and support healthier price discovery. But these are developments that will take time. We are actively working on it, but at the same time we remain focused on building the underlying business rather than predicting short-term share price movements. With that, we'll open the call to analysts for questions.
Jerry Lee Brown, Investor Relations
Okay, turning to questions now, we'd like to invite Joe Wathi from Canaccord to ask the first round of questions. Joe?
Joe Wathi, Analyst at Canaccord Genuity
Hi, good afternoon, everyone. Thanks for having me on your call here, your very first earnings call, and congrats on this milestone. Congrats on that very much. Could we maybe just start at a high level on some of the trends going on in the industry? There is, you know, a broad push to tokenize real-world assets. Just wondering how CoinShares views this expansion of the digital asset ecosystem and how it may see that as an opportunity for growth, and then I'll have a quick follow-up.
Jean-Marie Mognetti, Chief Executive Officer
Hi Joe, thank you for joining us. So yeah, tokenization didn't escape us. It has been a trend which has been pushing quite strongly over the last six months, especially with, you know, all the legislation moving ahead in the U.S. When it comes to CoinShares, you know, as usual we get our two segments: we’ve got Capital Markets and Asset Management. Capital Markets is always ahead in that sense versus Asset Management because we can experiment much more.
So Capital Markets has been at the forefront of tokenization in the sense that, you know, we traded more RWA in general in H1 than we traded Bitcoin or Ethereum, as an example. So we've been very much involved, getting our hands dirty with it, and taking advantage of different opportunities which are there. And these opportunities continue to be there right now and in the foreseeable future. So that's kind of part of our, I would say, Capital Markets exposure to it.
So you can see us being exposed to Hyperliquid, being exposed to different protocols on the tokenization side. On the Asset Management side, we are not a tokenizer. So we're not going to go into an activity like Securitize, an activity like Superstate, or what DTCC and Ondo are doing. However, we are very much planning to find ways to leverage this tokenization movement which is happening so that we can create new products. And that's very much the sense of the partnership we discussed in one of our releases in H1 with Kiln and Rednet, which is to allow us to effectively start to create composability and, I would say, new products on top of the tokenization trend. So instead of being locked up in one ecosystem—which is also for instance more for people who will go through CoinShares—to be able to have a composability of asset management for them. So we're very much looking at it and making sure we are coming to the market with an offering.
Jerry Lee Brown, Investor Relations
Joe, did you have a follow-up question?
Joe Wathi, Analyst at Canaccord Genuity
Yeah, just one quick follow-up. Thank you. Just now that you're a public company, I'd imagine that maybe M&A is a little bit more part of your playbook. I know you're contemplating some share buybacks as well. So just balancing M&A versus acquiring some of the existing CoinShares outstanding. Thank you.
Jean-Marie Mognetti, Chief Executive Officer
Yeah, it's about discussion about capital allocation. The Board is very focused on how this capital is being allocated. When the stock’s trading where it's trading right now, obviously share buyback is an obvious kind of mechanism, and that's why the Board is seeking authority from the shareholders at an EGM tomorrow. Depending on the result of this EGM, we will see if we can do it and how we do it, and in which format we'll do some share buyback.
That's the second part of the question. And to the first part of the question, this is to balance with M&A activity. M&A is definitely something we are extremely focused on, and I personally spend a lot of time reviewing a lot of opportunities. We just want to make sure we are pulling the trigger on the right, I would say, opportunity, knowing that it's extremely time-consuming, and so a small deal or bad deal can be detrimental to our performance.
So we're really trying to make sure we're going in the right direction on that, given also the fact that a lot of these companies which are today on the market have been, I would say, packaged with a lot of preferred shares and so on. So the cap tables are rarely clean. So it makes the discussion always a bit more complicated than a straight M&A.
Jerry Lee Brown, Investor Relations
Thanks, Chair, thank you very much for your questions, Joe. We're now going to move over to Alex Bond from KBW. Alex, please join the call.
Alex Bond, Analyst at KBW
Hi everyone, thanks for taking the questions, and strong results in what was a challenging market backdrop. Obviously a lot of moving parts in the first-half results, but wondering if you could maybe speak at a high level to your outlook for the second half and how demand for some of the asset management products has evolved here as the digital asset pricing backdrop has improved in the months since the first half. And then maybe a bigger-picture question as well.
But if you can also just walk us through what you all are most focused on from a growth and new product perspective at the moment, that would be helpful as well.
Jean-Marie Mognetti, Chief Executive Officer
Thanks, Alex. A lot to unpack. So, without going too far in what I can say and cannot say, as you said, the market has improved in Q3. As a result, our AUM has recovered. The volatility has picked up a little bit as well, which gives us new trading opportunities. So all in all I would say that it has been a positive environment for CoinShares. We saw some demand in H1 despite the market going down. We see the demand still there in Q3, albeit a little bit slower by the summer, which has been for some reason an extremely long summer—maybe due to the World Cup, which takes a lot of people's attention away—and all the sports events.
But, you know, we saw some demand coming back at the core level. In terms of what we are prioritizing our efforts, you know, we're still launching some ETFs, we're still launching some innovative things. We launched our first UC platform, which is public information, in July—I think it's July. And so that's kind of part of our growth story in Europe, I would say. Capital Markets keeps working on tokenization, how tokenization is impacting what we're doing.
We're still working on this tokenization aspect of bringing to market tokenization products, as discussed with Joe before your question. So all in all we are extremely busy from an organic perspective, and we hope the market is going to continue to sustain that effort by adding price action which is constructive of the people's demand.
Jerry Lee Brown, Investor Relations
Thanks, JM. Alex, I think you had a second question.
Alex Bond, Analyst at KBW
Yes. Yeah, thanks, JM, that was helpful. Yeah, maybe just one more. You know, you all have spoken to your desire to continue to evolve the platform into more of a diversified digital asset, and really asset manager in general. In that light, can you just spend a little bit of time talking through the Bastion Asset Management acquisition and the potential you see for actively managed strategies as a part of the overall product suite?
Jean-Marie Mognetti, Chief Executive Officer
Yeah, Bastion is an acquisition we did last—well, that's an acquisition we closed last year in September. We completed only in September of this year because there were some regulatory hurdles to clear before we could complete. However, we didn't wait to integrate the team. So the team is fully integrated now in the CoinShares ecosystem. I think it brings a different type of offering to CoinShares. We were coming from a hedge fund background and have been stepping into the ETF world in 2015, 2016 without much knowledge about it, so learned very quickly how to run an ETF asset manager due to the market opportunities there.
But that's kind of only catering for effectively the beta side of the market. And as the market is evolving there is more and more demand for a bit of alpha on top. So obviously beta—you know, if you look at the overall asset management market, the passive fund offerings are always much bigger than the alpha offering. But there is more and more demand coming up, and people are asking us to get some beta exposure with some alpha on top of it. So being able to offer both solutions within the CoinShares ecosystem is very interesting for us.
It also opens up the channel of distribution. You know, what we do on the beta side is listed products. What we do today on the alpha side is non-listed. So that opens different distribution channels. That also opens different markets which can travel a bit easily. So for instance you can have a bit more, I would say, push in Asia. You can even imagine having some push in the U.S. There are some new CFTC rules around derivatives in the U.S. which need to be analyzed before that can take some stronger foothold.
But there is definitely an idea that Bastion can be a globally distributed suite of products versus the European offering or the American offering of the ETF side.
Alex Bond, Analyst at KBW
Got it. Okay. No, that's helpful. Thanks for taking the questions.
Jerry Lee Brown, Investor Relations
You're very welcome. Jerry, I think we still, I think we have another analyst, I think, question, which is Kevin Didi. If we can just let him come online because I don't see him on the app.
Kevin Didi, Analyst
Thanks. Jane, can you hear me?
Jean-Marie Mognetti, Chief Executive Officer
I can hear you, Kevin. How are you?
Kevin Didi, Analyst
Great, great, thank you. Thanks for letting me queue up. You know, JM, I've lost track of how many years I've been on your calls. It's certainly over three. I'm just kind of curious about, I guess, the strategic direction. I know you talked about expanding markets and your press release talked about developing more of your core European presence as well as talking to the active blockchain investment capabilities. I was wondering if you wouldn't mind expanding on that first and then going on to talk a little bit more about expanding in new markets.
You just mentioned Asia. Wondering if you might add a little more color to that, please.
Jean-Marie Mognetti, Chief Executive Officer
Okay, so thanks for following us for so long, Kevin. To start, I think we're celebrating our 25th earnings call with Richard today. So it has been definitely a little bit of a ride when it comes to how we position ourselves. You know, we were born in Europe. We started effectively as a hedge fund, saw a wider opportunity into the wider ETF market, and that's where we focused our attention from 2015. The market is evolving, the market is changing.
And CoinShares has always had ambition to be a global asset management company, not just a European franchise. So how do we build a global franchise at the forefront of what we are thinking about? Hence why if we can distribute our product in Europe, in Asia and in the US it's a much better position for us than having products which are just for the US. To some degree, not perfectly, but to some degree, that helps us answer that narrative. When it comes to different product offering, we have, you know, we still have our legacy products in Europe.
We have our growth platform as well in Europe, which is CoinShares Physical. We added a UCITS franchise in Europe as well, which allows us to distribute product a bit more widely around the globe. And we still have the question of how we're going to keep scaling in the US, and it's something we are strategically considering and discussing. Does that answer your question?
Kevin Didi, Analyst
You mentioned UCITS. I think it was a bitcoin mining ETF now that's been released. How do you think that positions you within the regulating authorities for following on with further releases of those types of funds? And how does it create perhaps a moat against other ETF providers?
Jean-Marie Mognetti, Chief Executive Officer
So in terms of regulatory positioning, you know, it's a UCITS platform on the CBI, which is the Central Bank of Ireland. You know, there is a clear pass-through to effectively keep adding new products to the platform within the CBI constraints. So every regulator in Europe has their own list of do's and don'ts and the CBI has their own. And so as long as we follow the rules of the CBI we can definitely add more product to the narrative. It's just a question of filing more prospectus and having the right ideas to file in the prospectus.
And so when it comes to the moat you were trying to discuss, our moat is really about our capacity to generate new products which are interesting for the market, and not just new products for new products. So in general you're not going to see us kind of like spraying the market with, like, you know, 100 releases of new products. We'll be much more kind of tactical about the product we launch and trying to see how we can, you know, build something which is much more interesting for the market.
So we will keep adding the value of CoinShares by having our analyst team and our research team working hand in hand with our distribution team to figure out what is interesting to the market and how we can bring the CoinShares knowledge and the CoinShares know-how on top of it to go a bit further than just a simple basket that an AI can do for you.
Kevin Didi, Analyst
I know you recently renamed WGMI from Bitcoin Mining to Bitcoin Mining and Digital Power. I'm wondering if you've seen any reception to that change in the market, especially US.
Jean-Marie Mognetti, Chief Executive Officer
And it was really, the renaming was really driven by two things. One, the bitcoin mining companies are changing very fast and a lot of them are adding a lot of HPC power, HPC capacity to their own balance sheet, so we have to also be able to reflect that. And second of all, the mandate of WGMI was also very restrictive because in the early days it was purely bitcoin. So we have to upgrade that to be able to keep having a wide enough universe. Effectively the reception from the market has been, we are glad you're clarifying the positioning, because a lot of people were asking us what was the positioning of the WGMI product vis-à-vis more and more of these companies going into HPC and AI.
Kevin Didi, Analyst
It begs another question, JM, what's your view on CoinShares' view, short term and long term, of bitcoin mining?
Jean-Marie Mognetti, Chief Executive Officer
Mining? Well, bitcoin mining is the security of the network. So, you know, we cannot do without bitcoin mining. Now, as a bitcoin miner of today will be the bitcoin miner of tomorrow, maybe not. Because, you know, and we saw it before, in every single cycle you get people which are very big in bitcoin mining which are, you know, slowly and surely disappearing to be replaced by other companies, or morphing into different companies. So the universe keeps expanding and the universe keeps changing.
You have very small—you know, you have phenomenal mining companies in the US which people don't know yet, like Cormans. You have phenomenal mining companies in Europe that people don't know about, like some companies in the North Alp in Italy. They are not public companies yet, but one day they certainly will be. So it's just a question of, like, the universe is evolving and we just need to make sure we are able to capture this evolving universe first.
When it comes to, is bitcoin mining important for bitcoin? Well, it's fundamental. So we can't discuss the need of bitcoin mining. So bitcoin mining will stay anyway as long as bitcoin remains a proof-of-work protocol.
Kevin Didi, Analyst
Last question for me, JM, and we're—
Jerry Lee Brown, Investor Relations
Running out of time, Kevin.
Kevin Didi, Analyst
Yeah, sorry about that.
Jean-Marie Mognetti, Chief Executive Officer
I knew by letting you go, we'll be struggling. Come, give me the last one.
Kevin Didi, Analyst
Okay, thank you. The press release mentioned accrued XBT fees in the order of 285 million. I'm just wondering what it takes to recognize them through the P&L.
Jean-Marie Mognetti, Chief Executive Officer
Give that to Richard. Thank you, Richard.
Richard Nash, Interim Chief Financial Officer
Yeah, sure, no problem. So these accrued fees, they're already recognized through the P&L, Kevin. It's revenue that has been generated by XBT Provider over time. It sits in accrued fee on the balance sheet as we elect to keep those accrued fees held in digital assets until such a time that individuals redeem them. So it feeds into our available capital position. If you look in our MD&A, you'll see our available capital position. It's split into our liquid assets and our accrued fee element.
It's already revenue that's gone through the P&L. If your question is when will they be converted to cash, that's at our election, but we tend to follow the model of when the notes are redeemed, we convert them into cash.
Kevin Didi, Analyst
Thank you, Richard, for anticipating what my real question was. I appreciate that. Thanks. Thanks very much, JM. It's good to talk to you again.
Jean-Marie Mognetti, Chief Executive Officer
And congratulations for the new job, Kevin.
Jerry Lee Brown, Investor Relations
Thank you, Kevin. Now, just turning to some of the questions that we've received via the portal, we've got a few questions from Marco Stankovic. The first one is for you, JM. Today's material describes Richard Nash as interim CFO. However, the 2025 financial year end that's listed in 20-F has him listed as the CFO. Can you explain the change and the timeline for a permanent appointment?
Jean-Marie Mognetti, Chief Executive Officer
Yeah, I think it's probably an omission because in the prospectus Richard was always described as an interim CFO. You know, that's Richard's decision, but he's still on the call with me for 25 calls, and he decided that 25 was probably too many. So there is no kind of bad situation. It's just Richard wants to stay within CoinShares and do something a bit different than just doing earnings calls with me. So we want to help him do this transition, and in parallel of that we finalized the search for our next CFO and we will make sure to announce that to the market when the time is right.
Jerry Lee Brown, Investor Relations
Thanks, JM. A couple for you, Richard. The deck classifies BTC as an asset product and defines high fee generating products as XBT plus physical XBTi BITC. XBT was 73% of management fees in 2025 and certificate liabilities fell 44.9% in that half. What replaces XBT as your fee engine and on what timeline?
Richard Nash, Interim Chief Financial Officer
Thanks, Marco, for the question. There isn't a single replacement for XBT and we don't think there necessarily needs to be. The strategy has always been more about diversification rather than straight substitution. And yeah, you're correct that it fell 44.9% in the half, but pretty much everything in the industry did the same during that period. But if you look at the composition of our fees and our AUM over time, you can see how it's been developing already and it's kind of speaking for itself.
So three or four years ago XBT was probably something maybe like the mid-90s percentage for the AUM and the revenue, but today we're in a much more balanced position with CoinShares Physical, Block Index and US all contributing. Now, Physical is obviously the clearest next leg of growth. It's been the fastest-growing platform for a number of years and it's the only one that generated material inflow in the first half of 2026, over 150 million. But there are other products doing the work as well.
The Block Index performance, as you saw in the deck, is a good proof point for why the diversification matters. We had 17% AUM growth in the period while digital asset prices were going down. So to be honest, the answer isn't product X replaces XBT by date Y. It's more that the wider platform has been built deliberately so that no single product needs to replace XBT, with the mix shift kind of already underway being the evidence that it's working.
But it's, you know, it's a long road by virtue of the fact that XBT is just such a large product with a long legacy.
Jerry Lee Brown, Investor Relations
Great, thank you, Rich. I know James mentioned the potential share buyback slightly, but can you just comment on this question? You have 116.7 million of liquid assets and are seeking authority for 32.9 million shares, which would be roughly $184 million at the current price. How would that be funded? And will repurchases be open market only, or do you contemplate privately negotiated blocks from existing shareholders?
Richard Nash, Interim Chief Financial Officer
Okay, sure. Sorry if I repeat some of the things that JM said, but just to be clear on the mechanics, it's an authority that we're seeking from shareholders at the EGM tomorrow, not a spending commitment. So if it passes, the actual repurchases remain entirely at the Board's discretion, executed over a multi-year window. The size of the authority, which, as you stated, is 32.9 million, is not necessarily like a target we're aiming to reach. It's the ceiling that we want to have available to us so we have the flexibility to act opportunistically over the life of the program without having to bother coming back to shareholders for another EGM every time market conditions change. As for how those purchases would be funded, and whether they're open market or privately negotiated, they're exactly the kinds of decisions the Board will make at the time based on market conditions, our financial position at the time, and other investment opportunities available, all being consistent with what's been set out in the EGM materials for the meeting tomorrow.
Jerry Lee Brown, Investor Relations
Thank you, Richard. One more for you, JM. Zcash has exploded in volume and popularity. Has the company been looking into offering Zcash as a product?
Jean-Marie Mognetti, Chief Executive Officer
The good old Zcash. Look, Zcash is not promoting privacy. Anonymity is promoting privacy, and privacy is something we should consider as an important feature. Now, listing Zcash is not exactly the simplest to do in Europe, albeit it is in our prospectus. So the day it will be available for APs, for exchanges, for clearers, and for other counterparties to look at it, we will certainly review the opportunity.
Jerry Lee Brown, Investor Relations
Perfect. Thank you. I think we've actually run out of time now. We've got a couple more questions that we'll respond to separately. But thank you everyone for joining today's call.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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