CoinShares just reported earnings for the quarter ending June 30, and the numbers are loud. The crypto investment firm booked $26.3 million in EBITDA, locked in a $32.4 million net profit, and confirmed it’s officially moving forward with a US stock exchange listing after what it called another “solid quarter” across every part of its business.
Jean-Marie Mognetti, CEO of CoinShares, made it clear the company is done playing local. “Our next phase of growth focuses on reinforcing our European leadership whilst continuing our expansion through the U.S. market, where we’re working towards a US listing,” Jean-Marie said in the report.
He cited recent US listings from Circle and Bullish that saw strong price action and capital raising success.
CoinShares believes making the jump from Sweden to the US public markets will open access to a broader investor base, with Jean-Marie adding, “It is anticipated that Q3 will give us further certainty on the timing. We will keep the market informed of our progress.”
This quarter’s total comprehensive income landed at $33.0 million, compared to $32.6 million the same time last year. Basic EPS came in at $0.49, slightly up from $0.47 in Q2 2024.
Asset management fees jumped to $30.0 million, rising from $28.3 million last year, while the capital markets business brought in $11.3 million, which was a drop from $14.6 million in 2024. That drop didn’t shake the full-year momentum.
Jean-Marie pointed out that Q2 saw a rebound in crypto prices, especially Bitcoin and Ethereum, which surged 29% and 37% respectively during the quarter.
But he also said most of the fee revenue came from activity, not just price levels, saying, “While average prices seen over Q1 and Q2 2025 are relatively comparable, we closed H1 2025 with strong AUM.”
Asset management pulls in inflows, records highest AUM ever
CoinShares’ asset management unit was pushed up by inflows into CoinShares Physical, which brought in $170 million, the second-highest quarterly inflow on record.
That single product generated $6.8 million in management fees, boosting total platform revenue. Despite XBT Provider seeing $126 million in outflows, total assets under management jumped from $2.75 billion to $3.46 billion by the end of Q2.
The outflows, Jean-Marie noted, came during a period of fast crypto price appreciation. CoinShares says this is a pattern they’ve seen before, where investors pull profits even as asset values rise, with the net result still favoring AUM growth.
The company also reported that AUM has increased by 25% post-quarter due to price action in Bitcoin and Ethereum. Jean-Marie pointed to August highs as evidence, with BTC peaking at $124,128 on August 14, and ETH hitting $4,945 on August 24 before both retraced. Still, CoinShares says fee generation remains strong because average AUM and trading volume are holding.
Also in Q2, CoinShares finished rebranding Valkyrie to CoinShares in the US and brought on new team members in marketing and sales to push distribution.
Meanwhile, the BLOCK Index product returned 53.7%, outperforming Bitcoin and traditional indices like the S&P 500 and MSCI World, and helped add alpha to the platform’s product suite.
Capital markets income dips but treasury flips loss into gain
CoinShares’ capital markets division pulled in $11.3 million in income and gains. That figure includes $4.3 million from Ethereum staking, which Jean-Marie called the “largest single contributor” this quarter.
The staking business continued to produce steady revenue despite market volatility. Liquidity provisioning generated $1.5 million, which was slightly lower than Q1, matching slower gross flows on the XBT platform.
Delta-neutral strategies produced $2.2 million, while lending added $2.6 million, rounding out the capital markets contributions.
The company didn’t just stop there. Its treasury division posted $7.8 million in unrealized gains, reversing Q1’s $3.0 million loss. CoinShares said it will keep adjusting its treasury portfolio like a trader managing positions, moving funds based on asset performance and perceived risk.
Jean-Marie said treasury holdings are being treated like “tactical allocations,” meaning the firm views the treasury as another revenue-generating opportunity, not just a cash buffer.
Jean-Marie also used the update to call out the current US political climate, saying “The regulatory environment has never been more favorable, with landmark legislation and a presidential administration that appears to champion crypto innovation.”
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