CoinShares Turns Crypto Volatility Into Profit, Eyes U.S. Expansion

CoinShares, a leading European digital asset manager, reported a net profit of $32.4 million for the second quarter of 2025, marking a slight 1.9% increase from the $31.8 million recorded in the same period the previous year [1]. This profit was driven by strong asset management fees, which rose to $30 million from $28.3 million year-over-year, and a significant turnaround in the firm’s treasury strategy, shifting from an unrealized loss of $0.4 million to a gain of $7.8 million [2]. The capital markets unit also contributed to the firm’s performance, generating $11.3 million in gains and income, despite a decline from $14.6 million in the prior year [3].

CoinShares’ assets under management (AUM) surged by 26% quarter-over-quarter to $3.46 billion, fueled by rising prices in the crypto markets and robust inflows into the firm’s physically backed exchange-traded products (ETPs) [4]. Notably, Bitcoin and Ethereum prices increased by 29% and 37%, respectively, during the quarter, contributing to the firm’s record-high inflows into its spot crypto ETPs, which reached $170 million—second only to the strongest inflow recorded in previous quarters [5]. The firm’s BLOCK Index also outperformed major equity benchmarks, delivering a 53.7% return [6].

While the firm’s XBT Provider products experienced $126 million in outflows, the overall growth in digital asset prices more than offset these outflows, leading to the 26% increase in AUM [7]. CoinShares CEO Jean-Marie Mognetti highlighted the firm’s resilience and adaptability to market dynamics, noting that the firm’s strong performance across all business units positioned it for a robust second half of the year [8]. “The average AUM on which we are earning fees, combined with the overall level of market activity, is setting us up for what we believe to be a strong second half of the year,” he stated [9].

Looking ahead, CoinShares is actively pursuing a U.S. listing as part of its strategic expansion. Mognetti emphasized that the move from its current listing on Nasdaq Stockholm to the U.S. market is expected to unlock substantial shareholder value by tapping into a broader investor base and a more favorable regulatory environment [10]. The firm cited recent successful U.S. listings by companies such as Circle and Bullish as evidence of the potential for significant capital appreciation in the digital asset sector [11]. The regulatory climate in the U.S., which has seen landmark legislation and a presidential administration supportive of crypto innovation, further strengthens the case for a U.S. listing [12].

The firm’s Capital Markets unit demonstrated operational resilience, with ETH staking contributing the largest share of its income at $4.3 million during the quarter [13]. Despite a modest decline in liquidity provisioning income to $1.5 million, the unit maintained a diversified approach to generating gains through delta-neutral trading strategies and lending, which added $2.2 million and $2.6 million, respectively [14]. As the firm prepares for the second half of 2025, it remains focused on expanding its capital markets offerings and leveraging improved market sentiment and increased institutional engagement [15].

Source:

[1] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[2] PR Newswire - CoinShares Announces Q2 2025 Results

[3] CoinTelegraph - CoinShares Q2 2025 net profit $32m, AUM growth 26

[4] Morningstar - CoinShares Announces Q2 2025 Results

[5] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[6] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[7] Marketscreener - Coinshares Increases Profit in Second Quarter, Expects

[8] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[9] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[10] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[11] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[12] The Block - CoinShares posts $32.4 million net profit in Q2 as crypto

[13] PR Newswire - CoinShares Announces Q2 2025 Results

[14] PR Newswire - CoinShares Announces Q2 2025 Results

[15] PR Newswire - CoinShares Announces Q2 2025 Results