Chiara Bianchi
European digital asset manager CoinShares reported a $32.4 million net profit in Q2 2025, marking steady growth despite a small dip compared to the previous quarter. The company credited the gains to robust asset management fees, a recovery in its treasury portfolio, and surging cryptocurrency prices.
Assets under management (AUM) climbed 26% quarter-over-quarter to $3.5 billion, fueled by Bitcoin and Ethereumโs double-digit rallies and record-breaking inflows into the firmโs physically backed exchange-traded products (ETPs).
CoinShares generated $30 million in management fees, up from $28.3 million in the same period last year, while capital markets income came in at $11.3 million. Adjusted EBITDA reached $26.3 million, and earnings per share rose to $0.49 from $0.47 in Q2 2024.
Despite outflows from legacy derivatives-based ETPs, the companyโs spot crypto products saw $170 million in net inflows, the second-highest on record. Also outperformed equities with a 53.7% gain during the quarter.
Business Unit Highlights
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ETH staking brought in $4.3 million.
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Delta-neutral trading generated $2.2 million.
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Lending operations added $2.6 million.
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Liquidity provisioning dipped slightly to $1.5 million.
The firmโs treasury also bounced back from a $3 million unrealized loss in Q1 to $7.8 million in unrealized gains this quarter, reflecting improved digital asset market conditions.
U.S. Listing Plans on the Horizon
Looking ahead, CoinShares is preparing for a U.S. stock market listing to tap deeper capital pools and expand beyond its current Nasdaq Stockholm presence. CEO Jean-Marie Mognetti highlighted the more favorable U.S. regulatory climate, pointing to recent listings by Circle and Bullish as examples of strong investor appetite.
โWe believe moving from Sweden to the U.S. will unlock substantial value for shareholders,โ Mognetti said, emphasizing that the firm is positioned to benefit from landmark legislation and a pro-crypto administration.
Outlook
With Bitcoin and Ethereum hitting record highs in August and average AUM rising, CoinShares expects the second half of 2025 to deliver strong momentum. Management remains optimistic that a U.S. listing will accelerate its growth trajectory and attract global investors.
