CoinShares posts $32.4 million net profit in Q2 as crypto asset manager targets US listing

European crypto asset manager CoinShares posted a $32.4 million net profit in the second quarter as rising crypto prices drove record inflows into its physically backed exchange-traded products and a surge in assets under management. 

Net profit fell 5.3% quarter-over-quarter but gained 1.9% year-over-year, supported by strong asset management fees and a treasury rebound, according to CoinShares’ Q2 report. The firm generated $30 million in asset management fees, up from $28.3 million in the same quarter last year, and $11.3 million in capital markets income, slightly down from $14.6 million in Q2 2024. Adjusted EBITDA came in at $26.3 million, and basic earnings per share stood at $0.49, compared to $0.47 a year ago.

Bitcoin and Ethereum prices rose 29% and 37% respectively during the quarter, helping CoinShares end Q2 with $3.5 billion in assets under management — a 26% increase from Q1 — despite outflows from its legacy derivatives-based exchange-traded products. Its spot crypto ETPs, by contrast, saw $170 million in net inflows — the second-highest on record — and led to a 25% increase in AUM post-quarter end due to further price appreciation. The inflows were supported by Valkyrie ETFs officially transitioning to the unified CoinShares brand following its previous acquisition. CoinShares’ BLOCK Index also delivered strong returns, up 53.7%, outperforming major equity benchmarks.

ETH staking was the top contributor within CoinShares’ Capital Markets unit, generating $4.3 million, while delta-neutral trading and lending added $2.2 million and $2.6 million, respectively. Liquidity provisioning income dipped slightly to $1.5 million.

Meanwhile, CoinShares’ treasury strategy rebounded from a $3 million unrealized loss in Q1 to $7.8 million in unrealized gains in Q2, marking a significant turnaround from a $0.4 million loss in Q2 2024 and reflecting improved market conditions and tactical adjustments to its holdings.

“Q2 delivered another quarter of solid performance across all business units,” CoinShares CEO Jean-Marie Mognetti said in a statement. “In the three month period we saw a significant recovery in digital asset pricing. While average prices seen over Q1 and Q2 2025 are relatively comparable (hence the largely similar results to the previous quarter) we closed H1 2025 with strong AUM.”

Bitcoin and Ethereum subsequently reached record highs in August, and despite the ongoing retrace, higher average AUM on which the company earns fees and strong market activity point to a promising second half of the year, Mognetti added.

Working toward a US listing

The European digital asset manager also confirmed it is preparing for a U.S. listing, aiming to capitalize on stronger valuations and a favorable regulatory environment to unlock its next phase of growth.

CoinShares is headquartered in the British Crown Dependency of Jersey, but is currently listed on Nasdaq Stockholm in Sweden.

“We believe this move from Sweden to the U.S. will unlock substantial value for our shareholders by entering a market with significant breadth and depth and where market leading companies in the digital asset sector are highly valued by investors,” Mognetti said. “As an example, both Circle and Bullish recently completed U.S. public listings and saw upsizing in their offering and steep share price appreciation on the date of listing.”

The CoinShares CEO anticipated further clarity on the timing of a potential U.S. listing this quarter. “The regulatory environment has never been more favorable, with landmark legislation and a presidential administration that appears to champion crypto innovation. We aim to capitalize on this alignment of opportunities for our shareholders,” he said.

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