CoinShares Reports Strong Q2 2025 Earnings, Record AUM, and Plans for US Stock Market Listing

• How Did CoinShares Perform Financially in Q2 2025?
• What's Driving CoinShares' Record Asset Management Growth?
• Why Is CoinShares Pursuing a US Stock Market Listing?
• How Did CoinShares' Capital Markets Division Perform?
• What's Next for CoinShares?
• Frequently Asked Questions

CoinShares, Europe’s leading digital asset investment firm, has announced robust Q2 2025 financial results, including a record $3.46 billion in assets under management (AUM). The company also revealed plans to pursue a US stock exchange listing, following the successful examples of Circle and Bullish. CEO Jean-Marie Mognetti highlighted strong performance in asset management fees and staking revenue, despite a dip in capital markets activity. With Bitcoin and ethereum prices surging 29% and 37% respectively during the quarter, CoinShares is positioning itself for further growth in both European and US markets.

How Did CoinShares Perform Financially in Q2 2025?

CoinShares delivered a solid quarter with total comprehensive income reaching $33.0 million, up from $32.6 million in the same period last year. Basic EPS came in at $0.49, slightly higher than Q2 2024's $0.47. The company's asset management fees jumped to $30.0 million (from $28.3 million in 2024), while capital markets revenue declined to $11.3 million from $14.6 million. Interestingly, the treasury department turned around a Q1 loss of $3 million into a $7.8 million gain this quarter. As Jean-Marie noted, "Our performance isn't just tied to crypto prices - we're seeing sustainable growth across our diversified revenue streams."

What's Driving CoinShares' Record Asset Management Growth?

The asset management division saw inflows of $170 million into CoinShares Physical products alone, generating $6.8 million in management fees. Despite $126 million in outflows from XBT Provider, total AUM grew from $2.75 billion to $3.46 billion by quarter's end. "We're observing an interesting pattern," Jean-Marie explained. "Investors take profits during price rallies, but net results still favor AUM growth." Post-quarter, AUM surged another 25% thanks to Bitcoin's August peak of $124,128 and Ethereum hitting $4,945. The BLOCK Index product outperformed with 53.7% returns, beating both Bitcoin and traditional indices like the S&P 500.

Why Is CoinShares Pursuing a US Stock Market Listing?

Jean-Marie made the strategic rationale clear: "Our next growth phase focuses on strengthening European leadership while expanding in the US market." The company points to successful US listings by peers like Circle as evidence of the potential benefits. "A US listing WOULD give us access to a broader investor base," he added, noting that more clarity on timing should come in Q3. This move comes amid what Jean-Marie calls "the most favorable regulatory environment ever" for crypto in the US, with historic legislation progressing.

How Did CoinShares' Capital Markets Division Perform?

While overall capital markets revenue dipped to $11.3 million, Ethereum staking emerged as the quarter's "biggest contributor" with $4.3 million. Liquidity provisioning brought in $1.5 million (slightly down from Q1), delta-neutral strategies generated $2.2 million, and lending added $2.6 million. "Market volatility hasn't shaken our staking revenue stream," Jean-Marie observed, highlighting the division's resilience. The treasury's $7.8 million gain marked a significant turnaround, with CoinShares treating cash holdings as "tactical allocations" rather than just buffers.

What's Next for CoinShares?

Beyond the US listing plans, CoinShares continues expanding its US presence through the Valkyrie rebrand and new marketing hires. The company maintains its strategy of actively managing treasury assets "like a trader," shifting funds based on performance and risk assessments. With crypto markets showing renewed strength and regulatory clarity improving, CoinShares appears well-positioned for its next growth phase. As always, they've promised to keep markets updated on their progress.