CoinShares, a prominent name in the European crypto asset management landscape, has shared its latest financial results for the second quarter. The report indicates a net profit of $32.4 million, marking a slight decrease of 5.3% from the previous quarter but a commendable increase of 1.9% year-on-year. This growth can be attributed to rising management fees, enhanced treasury performance, and a robust interest in physically backed products.
The surge in profits aligns with notable increases in digital asset prices, particularly as institutional investors ramp up their activities. During this quarter, Bitcoin and Ethereum saw gains of 29% and 37%, driving CoinShares’ assets under management (AUM) up to $3.5 billion, a remarkable 26% rise from the last quarter.
This upward trend persists even amidst outflows from traditional derivatives-based offerings, underscoring a clear shift in investor preferences toward more secure, physically backed exchange-traded products (ETPs).
Performance Insights and Key Market Factors
As evidenced in their Q2 earnings report, CoinShares generated $30 million in asset management fees, up from $28.3 million a year ago. Meanwhile, capital markets income registered at $11.3 million, slightly down from the $14.6 million in Q2 2024, and adjusted EBITDA reached $26.3 million.
The company reported basic earnings per share of $0.49, a slight improvement over last year’s $0.47. Notably, CoinShares’ spot crypto ETPs recorded $170 million in net inflows—the second highest historically—driving significant expansion in AUM.
These inflows can largely be credited to the successful integration of Valkyrie ETFs into CoinShares’ portfolio following last year’s acquisition. Additionally, the firm’s proprietary BLOCK Index jumped 53.7%, surpassing major equity benchmarks and encapsulating the positive momentum across the digital asset sphere.
Within the capital markets section, Ethereum staking was noteworthy with $4.3 million in contributions. Delta-neutral trading strategies and lending also provided positive returns of $2.2 million and $2.6 million, respectively. Liquidity provisioning generated $1.5 million, although this shows a minor decrease compared to recent quarters.
CoinShares’ treasury made a significant recovery, reporting unrealized gains of $7.8 million compared to earlier losses of $3 million in Q1 and $0.4 million the previous year.
Chief Executive Officer Jean-Marie Mognetti highlighted the quarter’s overall resilience across divisions, stating: “We experienced a remarkable rebound in digital asset prices. Although average prices from Q1 to Q2 were relatively stable, we concluded the first half of 2025 with solid AUM and a positive outlook.”
Future Directions and U.S. Market Ambitions
Looking forward, CoinShares is navigating strategic pathways for growth, including plans for a listing on a U.S. stock exchange. Currently listed on Nasdaq Stockholm, the firm identifies the U.S. as a market with superior liquidity, greater valuations, and an increasing appetite among investors for digital asset ventures.
“Transitioning from Sweden to the U.S. will open up immense value for our shareholders by accessing a market that is both broad and deep,” Mognetti remarked, referencing the successful entries of Circle and Bullish, which saw robust demand and immediate appreciation in share prices.
Moreover, the company acknowledged a favorable regulatory landscape in the U.S., noting recent legislative advancements and a federal administration supportive of crypto innovation.
Mognetti mentioned that clarity regarding the timing of the IPO would likely emerge within this quarter, aligning with the firm’s goal to leverage the current highs in both digital asset markets and evolving regulatory frameworks.
Featured image created with DALL-E, Chart from TradingView
