CoinShares Reports $32.4M Net Profit in Q2 2025

European crypto manager CoinShares achieved a net profit of $32.4 million in the second quarter of 2025, benefiting from rising cryptocurrency prices that led to significant inflows into its physically backed exchange-traded products (ETPs) and a substantial increase in assets under management (AUM). Though net profit declined 5.3% quarter-over-quarter, it rose 1.9% year-over-year, thanks to strong asset management fees and a rebound in treasury. CoinShares generated $30 million in asset management fees, up from $28.3 million last year, alongside $11.3 million in capital markets income, slightly down from $14.6 million in Q2 2024. Adjusted EBITDA was reported at $26.3 million, while earnings per share rose to $0.49, compared to $0.47 a year prior. The prices of Bitcoin and Ethereum surged by 29% and 37%, respectively, in the quarter, allowing CoinShares to close Q2 with $3.5 billion in AUM— a 26% increase since Q1, despite outflows from its older derivatives-based ETPs. In contrast, its spot crypto ETPs experienced net inflows of $170 million, marking the second-highest inflow recorded, which contributed to a 25% rise in AUM after the quarter ended due to further price appreciation. These inflows were aided by the transition of Valkyrie ETFs to the unified CoinShares brand following their acquisition. CoinShares' BLOCK Index also performed strongly, up 53.7%, outperforming major equity benchmarks. In the Capital Markets sector, ETH staking was the leading contributor, generating $4.3 million. Delta-neutral trading and lending provided $2.2 million and $2.6 million, respectively, while liquidity provisioning income saw a slight dip to $1.5 million. CoinShares' treasury strategy rebounded from a $3 million unrealized loss in Q1 to $7.8 million in unrealized gains in Q2, signifying a significant turnaround from a $0.4 million loss in Q2 2024, reflecting improved market conditions and strategic adjustments in holdings. "Q2 has shown solid performance across all business lines," said CoinShares CEO Jean-Marie Mognetti. "In these three months, we witnessed a significant recovery in digital asset pricing. Although average pricing is relatively consistent with Q1 and Q2 2025, we ended the first half of the year with robust AUM." Bitcoin and Ethereum reached record highs in August. Despite a recent pullback, higher average AUM on which the company earns fees, combined with strong market activity, indicates a promising second half of the year, Mognetti added. Moving toward a U.S. listing, CoinShares aims to capitalize on favorable valuations and a supportive regulatory environment to fuel its next growth phase. Based in Jersey, CoinShares is currently listed on Nasdaq Stockholm in Sweden. Mognetti believes that transitioning to the U.S. market will significantly benefit shareholders by entering a sizable market where leading digital asset firms hold high value for investors. As examples, both Circle and Bullish recently went public in the U.S. and experienced significant share price rises and expanded offerings on their listing days. The CEO expects further clarity on the timing of the U.S. listing within this quarter, noting that the regulatory landscape has never been more favorable, accompanied by legislation championing crypto innovation. "We aim to leverage this opportunity for our shareholders," he added.