CoinShares Announces Q2 2025 Results

Rhea-AI Summary

CoinShares (OTCQX: CNSRF), Europe's leading digital asset manager, reported strong Q2 2025 financial results with a net profit of $32.4 million and EPS of $0.49. The company achieved Asset Management fees of $30.0 million and Capital Markets gains of $11.3 million.

Key highlights include significant digital asset price recovery, with Bitcoin rising 29% and Ethereum 37% in Q2. CoinShares Physical generated $170 million in net inflows, while total AUM grew to $3.46 billion. The company is pursuing U.S. market expansion and plans to transition its listing from Sweden to the U.S., following successful listings of competitors Circle and Bullish.

Post-quarter performance shows continued strength with Bitcoin reaching an all-time high of $124,128 and Ethereum hitting $4,945 in August 2025.

Positive

• Net profit increased to $32.4 million (Q2 2024: $31.8 million)
• Asset Management fees grew to $30.0 million (Q2 2024: $28.3 million)
• Strong treasury performance with $7.8 million gain (vs $0.4 million loss in Q2 2024)
• CoinShares Physical achieved second-strongest quarter with $170 million net inflows
• Total AUM grew 26% to $3.46 billion in Q2
• ETH Staking generated significant recurring revenue of $4.3 million

Negative

• Capital Markets income declined to $11.3 million (Q2 2024: $14.6 million)
• XBT experienced $126 million in outflows
• Liquidity Provisioning income showed slight decline from Q1 due to reduced trading activity

Insights

Financial Analyst specialized in Digital Asset Companies

CoinShares reports strong Q2 2025 with $32.4M profit, 29% BTC rally, and planned US listing to capitalize on favorable regulatory environment.

CoinShares delivered solid financial performance in Q2 2025, with $32.4 million in net profit (up from $31.8 million in Q2 2024) and adjusted EBITDA of $26.3 million (versus $25.5 million last year). The 6% earnings per share improvement to $0.49 reflects the company's resilience during a quarter of significant crypto market recovery.

Breaking down revenue streams reveals important insights: Asset Management generated $30 million in fees (up 6% YoY) while Capital Markets contributed $11.3 million (down from $14.6 million in Q2 2024). This revenue mix highlights CoinShares' diversification strategy working effectively in volatile market conditions. ETH staking emerged as a particularly valuable asset, generating $4.3 million and establishing a recurring revenue foundation.

The most strategic development is CoinShares' planned US market expansion and potential listing shift from Sweden to the US markets. This move targets improved liquidity and higher valuations, citing successful precedents from Circle and Bullish listings. The timing aligns with what management describes as an increasingly favorable regulatory environment for crypto in the US.

CoinShares' asset under management metrics demonstrate strong momentum, with Physical products generating $170 million in net inflows (their second-best quarter) while price appreciation drove overall AUM up 26% to $3.46 billion despite XBT experiencing $126 million in outflows. The 25% AUM growth continuing post-quarter indicates sustained business acceleration into Q3.

Treasury management rebounded significantly with $7.8 million in gains, reversing the $3 million Q1 loss and demonstrating improved tactical allocation skills in managing proprietary holdings.

SAINT HELIER, Jersey, Aug. 29, 2025 /PRNewswire/ -- CoinShares International Limited ("CoinShares'' or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European asset manager specialising in digital assets, has today published its results for the quarter ending 30^th June 2025.

Q2 2025 Financial Highlights 

• Asset Management fees of $30.0 million (Q2 2024: $28.3 million)
• Capital Markets gains/income of $11.3 million (Q2 2024: $14.6 million)
• Adjusted EBITDA of $26.3 million (Q2 2024: $25.5 million*)
• Treasury gain of $7.8 million (Q2 2024: $0.4 million loss)
• Net profit of $32.4 million (Q2 2024: $31.8 million)
• EPS (basic) for Q2 2025 of $0.49 (Q2 2024: $0.47)
• Total comprehensive income of $33.0 million (Q2 2024: $32.6 million)

*Presented exclusive of FTX claim sale income and FlowBank impairment

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

"Q2 delivered another quarter of solid performance across all business units. In the three month period we saw a significant recovery in digital asset pricing, with Bitcoin rallying 29% and Ethereum 37% in the quarter. While average prices seen over Q1 and Q2 2025 are relatively comparable (hence the largely similar results to the previous quarter) we closed H1 2025 with strong AUM.

We have experienced further growth in digital asset pricing so far in Q3 with BTC reaching an all time high of $124,128 on 14th August 2025 and Ethereum following suit on 24th August 2025 by reaching $4,945. While we have since seen a retracing of the BTC and ETH price somewhat, the average AUM on which we are earning fees, combined with the overall level of activity within the market is setting us up for what we believe to be a strong second half of the year as indicated by performance post quarter end.

Our next phase of growth focuses on reinforcing our European leadership whilst continuing our expansion through the U.S. market, where we're working towards a US listing.

We believe this move from Sweden to the US will unlock substantial value for our shareholders by entering a market with significant breadth and depth and where market leading companies in the digital asset sector are highly valued by investors. As an example, both Circle and Bullish recently completed US public listings and saw upsizing in their offering and steep share price appreciation on the date of listing. It is anticipated that Q3 will give us further certainty on the timing. We will keep the market informed of our progress.

The regulatory environment has never been more favorable, with landmark legislation and a presidential administration that appears to champion crypto innovation. We aim to capitalise on this alignment of opportunities for our shareholders."

Q2 2025 Operational Highlights

Asset Management

The Group's Asset Management platform delivered another strong performance in Q2 2025, generating total management fees of $30.0 million, driven by:

• CoinShares Physical performed well in Q2, generating $170 million of net inflow (second strongest quarter on record), with resultant management fees of $6.8 million. This performance has reaffirmed our European leadership and cemented our position as Europe's fastest-growing digital asset ETP platform in H1. Following the quarter end, we have experienced significant growth in AuM resulting in the highest AuM on record; with AuM, driven by price appreciation, growing by approximately 25% versus the end of Q2 as of the date of this publication.
• While XBT experienced $126 million in outflows, rising digital asset prices drove 26% AuM growth. Q2 closed out with $3.46 billion AuM, up from $2.75 billion at the end of Q1. This follows the trend that we have experienced in the last few years where XBT provider sees the majority of its outflows in periods of steep digital asset price appreciation, where the price appreciation drives AuM growth that outpaces outflows.
• The BLOCK Index delivered 53.7% returns, outperforming Bitcoin and more traditional equity benchmarks like SP500 and MSCI World.
• In the US, Valkyrie officially transitioned from Valkyrie to the unified CoinShares brand while adding strategic hires in marketing and sales distribution, signifying our continued strategic expansion.

Capital Markets

The Group's Capital Markets business unit delivered a solid performance in Q2 2025, generating total income and gains of $11.3 million. This was achieved in a quarter marked by market recovery, reversing the price declines seen in Q1, with performance solid across the diversified activities of the business unit. Key activities for the quarter comprised:

• ETH Staking remained the largest single contributor to Capital Markets performance, generating $4.3 million during the quarter. Staking continues to provide a dependable and recurring revenue stream for the business.
• Liquidity Provisioning income amounted to $1.5 million, a slight decline from Q1, reflecting reduced gross flows on the XBT Provider platform. This decrease aligns with a modest tapering in investor trading activity earlier in the quarter.
• Delta Neutral Trading Strategies and Lending generated $2.2 million and $2.6 million respectively.

The Capital Markets business unit continues to demonstrate operational resilience and discipline through a diversified suite of gain and income-generating activities. As the Group moves into the second half of 2025, it remains focused on further expansion of the Capital Markets offering, supported by improving market sentiment and institutional engagement.

Treasury

Treasury management delivered strong recovery with $7.8 million in unrealised gains, eliminating Q1's $3.0 million loss. The company continues evaluating treasury holdings as tactical allocations, adjusting positions based on performance, and perceived risk to optimize strategic value creation.

Further information, along with the full detail of the Q2 results, are included within the full report, available here.

ABOUT COINSHARES

CoinShares is the leading European asset manager specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com  
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com 

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 6:30 am CET on 29^th August 2025.

PRESS CONTACT

CoinShares
Benoît Pellevoizin bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano press@coinshares.com

 

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SOURCE CoinShares Group

FAQ

What were CoinShares (CNSRF) Q2 2025 earnings results?

CoinShares reported net profit of $32.4 million, with EPS of $0.49, Asset Management fees of $30.0 million, and Capital Markets gains of $11.3 million.

How much Assets Under Management (AUM) does CoinShares have in Q2 2025?

CoinShares' AUM grew to $3.46 billion by the end of Q2 2025, up from $2.75 billion at the end of Q1, representing a 26% increase.

What are CoinShares' plans for US market expansion?

CoinShares is working towards transitioning from a Swedish listing to a US listing, following successful listings of competitors Circle and Bullish. The company expects more clarity on timing in Q3.

How did Bitcoin and Ethereum perform during CoinShares' Q2 2025?

During Q2 2025, Bitcoin rallied 29% and Ethereum rose 37%. Post-quarter, Bitcoin reached an all-time high of $124,128 and Ethereum hit $4,945 in August 2025.

What was CoinShares' ETH staking revenue in Q2 2025?

ETH Staking was the largest contributor to Capital Markets performance, generating $4.3 million in Q2 2025, providing a dependable recurring revenue stream.