CoinShares' stable yield and net inflows in a fee-compressing market are positive, but net income decline and flat Revenue and Gains from Operations cap the upside. The Nasdaq listing opens U.S. institutional access — watch for Q1 2026 AUM trends and any guidance on U.S. product expansion. The stock may trade on AUM growth trajectory rather than this backward-looking annual report.
Price Chart
Executive Summary
CoinShares reported FY2025 revenue of $165.7M (+6.5% YoY) and Segment EBITDA of $131.3M (+5.4% YoY), with Asset Management revenue growing 13.1% to $126.4M. Net income fell to $114.3M from $162.4M due to a non-recurring $36.8M FTX claim gain in the prior year. The company completed its Nasdaq listing on April 1, 2026, and enters 2026 with a strong balance sheet ($481.3M available capital) and dual MiFID/MiCA authorization.
Key Financial Metrics
Key Facts
- FY2025 revenue $165.7M (+6.5% YoY); Revenue and Gains from Operations $197.6M (-0.1% YoY)
- Segment EBITDA $131.3M (+5.4% YoY); Segment EBITDA margin ~66%
- Asset Management revenue $126.4M (+13.1% YoY); Capital Markets revenue and gains $73.1M (-11.6% YoY)
- Net income $114.3M vs $162.4M in FY2024; prior year included $36.8M FTX claim gain
- Gross AUM ~$7.4B (Dec 2025) vs $8.0B (Dec 2024); net inflows ~$1.1B into CoinShares Physical
- Blended asset management yield stable at ~170 bps despite industry fee compression
- Completed business combination with Vine Hill Capital and Nasdaq listing on April 1, 2026
- Available capital position $481.3M including $176.7M liquid assets and $280.0M accrued management fees
- Operating expenses $70.7M, down 2.9% YoY
- CoinShares Physical ranked #1 in Europe by net inflows in 2025 (ETFbook)
Financial Impact
Revenue $165.7M (+6.5% YoY); Segment EBITDA $131.3M (+5.4% YoY); Net income $114.3M (-29.6% YoY due to prior-year FTX gain); Available capital $481.3M
Risk Factors
- Digital asset price volatility could compress AUM and fee revenue
- Industry fee compression may pressure blended yields going forward
- Capital Markets revenue declined 11.6% YoY; reliance on non-operational pricing differentials adds volatility
- Integration of U.S. listing and potential dilution from business combination costs
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3285850 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $4.10 | awaiting T+60 | — | $3.99 (−2.65%) |
Oct 21, 2026 6d ago | Press Release | $4.06 | awaiting T+60 | — | $3.99 (−1.69%) |
Oct 1, 2026 25d ago | 6-K | $4.95 | awaiting T+60 | — | $3.99 (−19.37%) |
Oct 1, 2026 25d ago | Press Release | $4.95 | awaiting T+60 | — | $3.99 (−19.37%) |
Oct 1, 2026 26d ago | SC 13G | $4.93 | awaiting T+60 | — | $3.99 (−19.04%) |
Sep 18, 2026 5w ago | EFFECT | $5.85 | awaiting T+60 | — | $3.99 (−31.77%) |
Sep 16, 2026 5w ago | 6-K | $5.16 | awaiting T+60 | — | $3.99 (−22.65%) |
Sep 16, 2026 5w ago | Press Release | $4.96 | awaiting T+60 | — | $3.99 (−19.53%) |
Sep 14, 2026 6w ago | Press Release | $5.17 | awaiting T+60 | — | $3.99 (−22.80%) |
Sep 14, 2026 6w ago | 6-K | $5.17 | awaiting T+60 | — | $3.99 (−22.80%) |
US Market Status
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