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Key Takeaways
- CoinShares posted $32.4M in Q2 net profit, supported by strong asset management fees and treasury recovery.
- Assets under management rose 26% to $3.5B, boosted by record inflows into physically backed crypto ETPs.
- The firm is pursuing a U.S. listing to expand beyond Europe and tap deeper capital markets.
Solid Earnings Amid Crypto Market Recovery
Another excellent quarter for the European digital asset manager CoinShares, who reported a net profit of $32.4 million in the second quarter of 2025 per its latest earnings report. When compared to the previous quarter the figure stands down by 5.3%, but on a year-over-year basis, it shows an increase of 1.9%, therefore, the report reflects the company’s growth trend of stable development in the face of market fluctuations.
The report was a result of the positive asset management fees and the good performance of the treasury. In comparison with the same period last year, CoinShares raised asset management fees from $28.3 million to $30 million. While the income from capitalj markets was $11.3 million, thus, there was a decline when compared to Q2 2024’s $14.6 million.
Adjusted EBITDA hit $26.3 million, with an EPS of $0.49, versus $0.47 a year earlier. CEO Jean-Marie Mognetti commented on the quarter as a “very good one in terms of performance for the whole organizational units” supported by the rebound in digital asset prices.
Assets Under Management Climb to $3.5 Billion
By the end of Q2, CoinShares held $3.5 billion in AUM, representing a 26% quarter-on-quarter rise. The increase came from a combination of higher crypto prices and strong net inflows into the firm’s ETPs.
Besides, the firm’s physically backed crypto ETPs did very well to the tune of $170 million in net inflows, thus, the second-best quarter for the company was recorded. So far, this has been the main reason why outflows in CoinShares’ legacy derivatives-based ETPs have not caused the company to lose track as these products have been losing the interest of investors.
The bitcoin and Ethereum price rallies, which went up by 29% and 37% respectively during the quarter, also contributed significantly to the increase of AUM. Beyond the quarter, CoinShares advised of an additional 25% rise in their assets as crypto prices continued their ascent into August
CoinShares’ BLOCK Index that monitors blockchain-based equities soared 53.7%, beating top traditional equity benchmarks, and adding another layer to the performance metrics of CoinShares.
Capital Markets and Treasury Performance Rebound
One of the bright spots in the CoinShares report was the capital markets division. Ethereum staking became the main point of attraction, with a revenue of $4.3 million being generated. Delta-neutral trading contributed $2.2 million, while lending carried $2.6 million worth of activities. The liquidity provisioning fell a little and was only $1.5 million.
One of the highlights was the treasury’s rebound from $3 million in an unrealized loss in the first quarter to $7.8 million in unrealized gains in the second quarter. This indicated a remarkable change from the second-quarter loss of $0.4 million in 2024, reflecting better market conditions and more efficient treasury strategies.
According to Mognetti, the good average AUM, higher cryptocurrency prices, and vibrant market activity were the main reasons inviting a bright second half of 2025. “We ended the first half with good AUM and are betting on a continuation of the good market conditions,” he declared.
Plans for a U.S. Stock Market Listing
Besides the positive earnings, CoinShares intends to list its shares in the U.S. to gain access to deeper capital markets and higher valuations. At the moment, the company, which is situated in Jersey and traded on Nasdaq Stockholm, sees moving to the United States as its next major step.
“We are convinced that going from Sweden to the US will liberate a lot of value for our shareholders,” said Mognetti. He brought up the recently completed U.S. listings of Circle and Bullish, which saw a lot of demand and got their share prices increased immediately.
The CEO also said that the U.S. regulatory environment is very good right now and that notable laws and a pro-crypto president are giving a good atmosphere. CoinShares will probably be giving more details on the listing schedule during this quarter.
Summary
CoinShares delivered $32.4 million in Q2 net profit, supported by rising AUM, strong ETP inflows, and treasury gains. While profits dipped slightly from Q1, the company’s long-term trajectory remains positive as institutional crypto adoption accelerates.
With $3.5 billion in AUM and growing global presence, CoinShares is now preparing for a U.S. stock listing, positioning itself to compete with larger digital asset managers and capitalize on the sector’s momentum.
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