CoinShares reported a robust Q2 2025 with a $32.4 million profit, soaring AUM, and a firm plan to pursue a US stock listing.
Key Takeaways
- Net profit reached $32.4 million, up 1.9 percent year-over-year and driven by digital asset market recovery.
- Assets under management surged 26 percent quarter-over-quarter to $3.46 billion, despite notable outflows from older products.
- CoinShares Physical ETPs saw $170 million in net inflows, its second-best quarter ever.
- The company confirmed its intent to pursue a US listing, aiming to unlock broader investor reach and value.
What Happened?
European digital asset manager CoinShares delivered a strong Q2 2025 performance, reporting a net profit of $32.4 million and a 26 percent surge in assets under management. Despite some outflows from legacy products, soaring crypto prices and demand for physically backed exchange-traded products fueled growth. CoinShares also revealed plans to pursue a listing in the United States, highlighting the potential for better valuation and broader market access.
Financial Performance Remains Strong in Q2
CoinShares reported $30 million in asset management fees in Q2 2025, up from $28.3 million in Q2 2024. While capital markets income dipped slightly to $11.3 million, it remained a key revenue driver. Adjusted EBITDA hit $26.3 million, and basic earnings per share rose to $0.49 compared to $0.47 a year ago.
CEO Jean-Marie Mognetti credited the quarter’s performance to a recovering market, where Bitcoin rose 29 percent and Ethereum 37 percent. These price gains lifted overall performance and helped push AUM to $3.46 billion, compared to $2.75 billion at the end of Q1.
Despite $126 million in outflows from XBT Provider products, AUM increased due to digital asset appreciation. The firm noted that this pattern is consistent with previous cycles where price appreciation outpaces investor withdrawals.
Physically Backed Products Lead the Way
CoinShares’ physically backed ETP platform posted $170 million in net inflows, making it the company’s second-best quarter on record for this product line. This momentum helped CoinShares reaffirm its leadership in the European crypto investment space.
Meanwhile, the CoinShares BLOCK Index returned 53.7 percent, outperforming major equity benchmarks like the S&P 500 and MSCI World.
In the US, Valkyrie fully transitioned into the CoinShares brand, accompanied by strategic hires in marketing and sales, signaling the company’s readiness for deeper expansion into the American market.
Jean-Marie Mognetti, CoinShares CEO, talks about buying the Valkyrie ETF business and becoming a global player in the ETF space.
— Bloomberg Crypto (@crypto) March 12, 2024
He’s on Bloomberg Crypto https://t.co/ZZPJb4SsJP pic.twitter.com/z3X4zGPN9S
Capital Markets and Treasury Also Contribute
CoinShares’ Capital Markets unit generated $11.3 million, with ETH staking bringing in $4.3 million, making it the top contributor for this segment. Other highlights include:
- Delta-neutral trading strategies: $2.2 million
- Lending: $2.6 million
- Liquidity provisioning: $1.5 million, down slightly due to reduced trading activity
The Treasury unit posted $7.8 million in unrealized gains, marking a recovery from both Q1 2025’s $3 million loss and a $0.4 million loss in Q2 2024.
CoinShares stock is currently trading at kr103.80 with gains of 4.64% in last 24 hours on Stockholm Stock Exchange.
Preparing for a US Stock Market Listing
A major strategic focus for CoinShares is its preparation for a US public listing, moving away from its current listing on Nasdaq Stockholm.
Mognetti emphasized that entering the US market could unlock substantial value for shareholders. He cited recent successful US listings from firms like Circle and Bullish, whose stock prices appreciated significantly post-offering.
“The regulatory environment has never been more favorable, with landmark legislation and a presidential administration that appears to champion crypto innovation,” Mognetti said. The company expects greater clarity on the timing of the US listing later this quarter.
CoinLaw’s Takeaway
In my experience watching financial markets and crypto evolve, CoinShares is making all the right moves. A strong profit, rising assets, and dominance in physical crypto ETPs put them in a powerful position. What really caught my attention is their aggressive push into the US. This is not just a geographic expansion, it’s a strategic leap into the world’s deepest capital markets. If they can time their entry well, especially with crypto sentiment strong and policy favorable, I see major upside. The rebound in treasury and staking returns shows they’re managing risk smartly too.
