12th Oct 2026 13:08
Final Terms dated 12 October 2026
iSHARES DIGITAL ASSETS AG
Issue of 300,000 Securities of iShares Bitcoin ETP issued under its Secured Cryptoasset Linked Securities Programme (the "Securities").
Part A - Contractual Terms
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Base Prospectus dated 7 October 2026 which constitutes a Base Prospectus for the purposes of the FCA Handbook Prospectus Rules: Admission to Trading on a Regulated Market sourcebook ("PRM") made in accordance with the Public Offers and Admissions to Trading Regulations 2024 (the "POATRs"). This document constitutes the final terms of the Securities described herein for the purposes of PRM and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus and any Supplement to the Base Prospectus are available for viewing on the Issuer Website (www.ishares.com) (the product webpage for the iShares Bitcoin ETP can be reached by navigating to the investor's country on the website and using the search function to search for "iShares Bitcoin ETP").
The Securities are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory Authority ("FINMA") and investors in the Securities will not benefit from supervision by FINMA. Securities issued under the Programme do not constitute participations in a collective investment scheme within the meaning of the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 ("CISA"), as amended. Securities issued under the Programme are neither issued nor guaranteed by a Swiss financial intermediary. Investors are exposed to the credit risk of the Issuer.
SALES TO UK RETAIL INVESTORS - Following the FCA's Handbook Notice 132 and the entering into force of the Conduct of Business (Cryptoasset Products) Instrument 2025 on 8 October 2025, the Securities may be offered, sold or otherwise made available to a retail client (as defined in the FCA Handbook's Conduct of Business Sourcebook (COBS)) in the United Kingdom, where the Securities are admitted to trading on a UK Recognised Investment Exchange.
A disclosure document as required by the FCA Handbook's Product Disclosure Sourcebook ("DISC") has been prepared and is available at the Issuer Website (www.ishares.com) (the product webpage for the iShares Bitcoin ETP can be reached by navigating to the investor's country on the Issuer Website and using the search function to search for "iShares Bitcoin ETP").
All provisions in the Conditions corresponding to items in these Final Terms which are indicated as not applicable, not completed or deleted shall be deemed to be deleted from the Conditions.
1. | Issuer: | iShares Digital Assets AG | |
2. | Series: | iShares Bitcoin ETP Tranche Number: 212 | |
3. | Series Currency: | USD | |
4. | Number of Securities of the Series: | (i) Prior to the issue of the Tranche of Securities to which these Final Terms relate: | 182,711,448
|
(ii) Immediately following the issue of the Tranche of Securities to which these Final Terms relate: | 182,990,448 (Net) | ||
(iii) Comprising the Tranche of Securities to which these Final Terms relate: | 300,000 | ||
5. | Issue Price: | US$ 8.27 | |
6. | Principal Amount: | US$0.42 | |
7. | Initial Cryptoasset Entitlement: | 0.0001 (as at the Series Issue Date) | |
8. | Series Issue Date: | 24 March 2025 Issue Date of the Tranche of Securities: 12 October 2026 | |
9. | Date on which Board approval for issuance of Securities obtained: | 7 August 2025 (in respect of Securities to be listed on the Official List of the FCA) | |
10. | Additional Security Agreements: | Not Applicable | |
11. | Additional Business Centre: | Not Applicable | |
12. | Cash Subscriptions: | Not applicable unless otherwise notified by the Issuer in accordance with the Conditions | |
13. | Cash Redemptions: | Not applicable unless otherwise notified by the Issuer in accordance with the Conditions | |
14. | Delivery Precision Level: | 8 decimal places | |
TRANSACTION PARTIES | |||
15. | Authorised Participant(s): | Flow Traders B.V., Jacob Bontiusplaats 9, 1018 LL Amsterdam, The Netherlands Jane Street Financial Limited, 2 & A Half Devonshire Square London EC2M 4UJ, United Kingdom Virtu Financial Ireland Limited, North Dock One, 5th Floor, 91-92 North Wall Quay, Dublin 1, D01 H7V7 Ireland DRW Europe BV, 1, 7th Floor, Locatellikade, Amsterdam, AZ, 1076, Netherlands Any changes to the list of Authorised Participants will be detailed on the Issuer Website (www.ishares.com). | |
16. | Cryptoasset Trading Counterparty(ies) (as at the Series Issue Date): | The full list of Cryptoasset Trading Counterparties in respect of the Series from time to time is available on request from the Issuer, or the Arranger on its behalf. | |
17. | Paying Agent(s): | The Bank of New York Mellon, London Branch | |
18. | Custodian(s) | Coinbase Luxembourg S.A. | |
19. | Account Bank | The Bank of New York Mellon, London Branch | |
PROVISIONS RELATING TO FEES | |||
20. | Total Expense Ratio (as at Series Issue Date): | The Total Expense Ratio is 0.25 per cent. per annum. A partial TER waiver will apply from and including the Series Issue Date, to and including 31 December 2026, or such other date as specified on the Issuer Website. During this period, the Total Expense Ratio will be 0.15 per cent. per annum. | |
21. | Subscription Fee (as at the Series Issue Date): | US$ 1,300 per Subscription Order | |
GENERAL PROVISIONS APPLICABLE TO THE SECURITIES | |||
22. | Conditions to which the offer is subject: | The offer of the Securities described in these Final Terms is made in reliance on paragraph 6(a) of Part 1 of Schedule 1 to the POATRs and is conditional on the Securities described in these Final Terms being admitted to trading on the Main Market of the London Stock Exchange. The offer of these Securities by the Issuer may be withdrawn without liability to the Issuer if such Securities are not so admitted to the Main Market of the London Stock Exchange on the relevant issue date. | |
Signed on behalf of the Issuer:
Director | Director |
Duly authorised | Duly authorised |
By: Dylan McGrath
| By: Robert Majewski
|
Part B - Other Information
1. | LISTING | |
(i) Listing: | Application has been made for the Securities to be admitted to listing on the Official List of the FCA. | |
(ii) Trading: | Application has been made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Main Market of the London Stock Exchange. The earliest date on which the Tranche of Securities will be admitted to trading will be 13 October 2026. | |
(iii) Relevant Stock Exchange: | London Stock Exchange | |
(iv) Estimate of the total expenses related to the admission to trading: | Not applicable | |
2. | INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE | |
Save as discussed in "Subscription and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer. | ||
3. | REASONS FOR THE OFFER | |
Reasons for the offer: | See section headed "Reasons for the Offer and Use of Proceeds" in the Base Prospectus. | |
Estimated net proceeds: | 1 bitcoin based on 10,000 Securities being issued (as at the Series Issue Date). | |
4. | PERFORMANCE OF THE CRYPTOASSET AND OTHER INFORMATION CONCERNING THE CRYPTOASSET | |
Information on the past and future performance and volatility of bitcoin can be obtained by electronic means from https://bitcoin.org/en/. Such information can be obtained free of charge. See also description of the Cryptoasset in the section entitled "Cryptoasset Market Overview" in the Base Prospectus. | ||
5. | OPERATIONAL INFORMATION | |
ISIN: | XS2940466316 | |
Any other identification number (if applicable): | Ticker: IB1T (London Stock Exchange) SEDOL: BTXT KZ1 | |
Relevant Clearing System(s): | Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme | |
Delivery: | Delivery free of payment. | |
Trading Method: | Securities | |
Minimum Trading Amount: | At least 1 Security | |
Maximum Issue Size: | The aggregate number of Securities of the Series which are outstanding from time to time will not exceed an amount of 50 billion Securities. | |
Information with regard to the manner, place and date of the publication of the results of the offer. | Not applicable | |
6. | DISTRIBUTION | |
TEFRA: | Not Applicable | |