CoinShares posts $32.4m Q2 profit amid 26% AUM jump, eyes U.S. listing

CoinShares closed the second quarter of 2025 with a notable 26% surge in assets under management, pushing its total to $3.46 billion. The asset manager said the growth was powered by climbing digital asset valuations and steady investor demand for its physical crypto ETPs.

Summary

• CoinShares reported $32.4 million net profit for Q2 2025, up 1.9% YoY.
• Assets under management rose 26% quarter-over-quarter to $3.46 billion, driven by crypto price gains and ETP inflows.
• The firm plans a U.S. listing to access deeper capital market.

On August 29, European digital asset manager CoinShares announced a net profit of $32.4 million for Q2 2025, driven largely by a substantial 26% rise in assets under management, which reached $3.46 billion.

According to the firm, this performance was supported by rebounding crypto markets and strong net inflows of $170 million into its physically-backed exchange-traded products, making it the company’s second-best quarter ever for that segment.

Revenue streams and strategic expansion

Despite a year-over-year increase, CoinShares’ net profit fell 5.3% compared with the previous quarter. The firm’s capital markets division, which engages in activities like trading and lending, saw its income decrease to $11.3 million from $14.6 million a year prior.

After posting a $3.0 million unrealized loss in Q1, CoinShares’ strategic treasury management roared back with $7.8 million in gains for the quarter, signaling the firm’s active management in optimizing its strategic holdings for value creation, turning a previous headwind into a significant tailwind.

Product performance

The firm’s physical ETP suite, branded as CoinShares Physical, was the standout performer, attracting a substantial $170 million in net inflows. This demand for physically-backed, exchange-listed products in Europe cemented its position as the continent’s fastest-growing platform of its kind in the first half of the year.

However, the success starkly contrasts with the continued outflows from its legacy, derivatives-based XBT products, which saw $126 million exit. The net positive result is a testament to a strategic product shift that is successfully capturing modern institutional preference for spot-based exposure.

Notably, CoinShares’ proprietary BLOCK Index, designed to track a basket of crypto-focused equities, delivered an impressive 53.7% return during the quarter, soundly outperforming both Bitcoin and traditional equity indices like the S&P 500.

Looking ahead, CoinShares seeks a U.S. listing, a step designed to tap deeper capital markets and unlock greater shareholder value. CEO Jean-Marie Mognetti said the move would position the company alongside other high-profile U.S. crypto firms, where regulatory clarity and investor appetite have helped public valuations expand sharply.