-- First annual results following the completion of the business combination
with Vine Hill Capital Investment Corp. and Nasdaq listing under ticker
CSHR on April 1, 2026
-- First results reported under U.S. GAAP following the Company's conversion
from IFRS, providing improved comparability for U.S. investors
-- Revenue of $165.7 million (+6.5% YoY),
-- Revenue and Gains from Operations of $197.6 million (-0.1% YoY),
-- Segment EBITDA of $131.3 million (+5.4% YoY), Gross AUM of $7.4 billion.
JERSEY, Channel Islands, May 01, 2026 (GLOBE NEWSWIRE) -- CoinShares PLC (Nasdaq: CSHR) ("CoinShares" or the "Company"), a leading global asset manager specializing in digital assets operating an institutional-grade platform with integrated Capital Markets capabilities, today reported its financial results for the fiscal year ended December 31, 2025.
Full Year 2025 Highlights
-- Operating Income of $127.0 million, compared to $125.0 million in FY2024,
change of 1.6%.
-- Net income of $114.3 million, compared to $162.4 million in FY2024; the
year-over-year comparison is impacted by a $36.8 million non-recurring
gain on the sale of the Company's FTX bankruptcy claim and by gains of
$15.8 million arising on pricing differentials between ETP trading prices
and the underlying digital asset exposure which are non-operational.
-- Revenue and Gains from Operations of $197.6 million, compared to $197.8
million in FY2024, comprising:
-- Asset Management revenue of $126.4 million, compared to $111.7
million in FY2024, up 13.1%
-- Capital Markets revenue and gains of $73.1 million, compared to
$82.7 million in FY2024, down 11.6%
-- Segment EBITDA of $131.3 million, compared to $124.6 million in FY2024,
up 5.4%
-- Gross assets under management of approximately $7.4 billion as of
December 31, 2025, compared to $8.0 billion at year-end 2024, with net
inflows of approximately $1.1 billion into CoinShares Physical, ranked #1
in Europe by net inflows in 2025 (source: ETFbook, European-domiciled
crypto ETPs, full-year 2025).
-- Strong balance sheet, with approximately $481.3 million of available
capital, including approximately $176.7 million of liquid assets and
approximately $280.0 million of earned and accrued CoinShares XBT
management fees.
-- Completion of the business combination with Vine Hill Capital Investment
Corp. on April 1, 2026, and migration of listing venue from Nasdaq
Stockholm to the Nasdaq Stock Market (U.S.) under the ticker CSHR. In
connection with this transaction, we delisted our shares from Nasdaq
Stockholm on March 30, 2026.
CEO Commentary
Jean-Marie Mognetti, Co-Founder, President and Chief Executive Officer of CoinShares, said:
"2025 was a year in which the platform we have been building for more than a decade continued to compound. Our growth in management fees and Segment EBITDA showed a combination of revenue growth, margin discipline and pricing power. We kept our yield stable at approximately 170 basis points in an industry defined by fee compression -- a function of product mix, pricing discipline and the quality of the client base we serve.
CoinShares Physical was ranked #1 in Europe by net inflows in 2025, active alternative strategies continued to scale, and we closed the year with a net asset position of $477.0 million. CoinShares is continuing to leverage its incumbent leadership position in Europe to drive growth in AUM and profitability.
Our April 1, 2026, listing on Nasdaq marks another step in our journey to convert CoinShares into a global asset management franchise."
Profitability
Operating income for FY2025 was $127.0 million, compared to $125.0 million in FY2024, an increase of 1.6%. Operating expenses (inclusive of cost of revenue) were $70.7 million, down 2.9% from $72.8 million in FY2024, reflecting a focus on cost control year on year.
Segment EBITDA for FY2025 was $131.3 million, compared to $124.6 million in FY2024, an increase of 6.7%. Segment EBITDA margin was approximately 66% for the year (calculated on revenue and gains from operations), reflecting the structural profitability of a scaled, regulated platform coupled with the Company's disciplined cost base.
Net income for FY2025 was $114.3 million, compared to $162.4 million in FY2024. The year-over-year comparison is mainly affected by three items: (i) a $36.8 million gain recognized in FY2024 on the sale of the Company's FTX bankruptcy claim; (ii) approximately $4.3 million of non-recurring transaction costs incurred in FY2025 in connection with the Company's business combination with Vine Hill Capital Investment Corp. and U.S. Nasdaq listing, and (iii) an unrealised gain of $15.8 million in FY2024 arising from the movement on the differential between ETP trading prices and the underlying digital asset exposure.
Revenue & Gains from Operations
Total Revenue and Gains from Operations for FY2025 was $197.6 million, compared to $197.8 million in FY2024. On a segment basis:
-- Asset Management. Asset Management revenue grew 13.1% to $126.4 million,
up from $111.7 million in FY2024. Growth was driven by continued inflows
into CoinShares Physical, combined with disciplined pricing across the
platform. On an average AUM basis, blended Asset Management yield was
approximately 170 basis points, broadly stable versus the prior year -- a
notable result in a period during which both European and U.S. crypto ETP
providers have faced material fee compression.
-- Capital Markets. Capital Markets revenue and gains decreased by $9.6
million, or 11.6%, to $73.1 million in 2025. A significant portion of
this decrease was driven by a lower positive unrealised impact from
pricing differentials between ETP trading prices and the underlying
digital asset exposure ($1.6 million vs. $15.8 million in 2024).
Excluding these non-operational, market-driven movements, underlying
Capital Markets performance increased by 6.9% year-on-year, with strong
staking revenues, lending revenues and trading gains.
Yield and Fee Discipline
In FY2025, several major digital asset ETP issuers, including U.S.-listed spot bitcoin and ether ETFs, lowered headline management fees in response to competitive pressure. Against this backdrop, CoinShares' blended asset management yield remained broadly stable at approximately 170 basis points on an average quarterly asset basis, consistent with approximately 170 basis points in FY2024. This resilience, achieved during a period of material fee compression on comparable passive products across European and U.S. crypto ETP markets, reflects the Company's differentiated product design, continued innovation across its ETP, the reach and quality of its institutional distribution platform, and disciplined pricing.
Capital Markets activities continued to contribute a meaningful yield on associated assets, reinforcing the Company's differentiated model combining regulated asset management with integrated trading and treasury operations.
Assets Under Management and Flows
Average gross assets under management were approximately $7.4 billion during FY2025. Net organic inflows into the business were approximately $1.1 billion, with CoinShares Physical -- Europe's #1 digital asset ETP by net inflows in 2025 (source: ETFbook, European-domiciled crypto ETPs). This growth is driving substantial ongoing diversification of the Group's AUM base. Unlike many competitors in the digital asset investment sector, as the Company's newer product lines have grown, its blended realized management fee has remained remarkably stable over multi-year periods, a testament to the innovation of its product offerings, the strength of its distribution platform, and strong client demand. This combination underscores both the resilience of the Company's business model and its ability to deliver profitable growth.
Strategic Positioning
CoinShares enters 2026 as one of the few asset management companies in Europe to hold both MiFID and MiCA authorisations. This dual licence uniquely positions the Company to operate across the full spectrum of regulated digital asset investment -- from passive physically-backed ETPs, to active alternative strategies, to institutional-grade products distributed natively on blockchain infrastructure.
With CoinShares Valkyrie providing a U.S. foundation, European retail access to crypto ETPs expanding in the United Kingdom, France and Italy in 2025 and a growing active alternatives franchise, the Company is positioned to serve a broadening institutional, professional and retail client base across Europe and, increasingly, the United States.
Market Context & Competitive Positioning
CoinShares continues to leverage its incumbent leadership position in Europe to drive growth in AUM and profitability. In FY2025, many asset managers focused on digital assets -- including several crypto-native pure players -- experienced net outflows and significant margin compression, particularly on U.S. spot bitcoin and ether products. Over the same period, CoinShares delivered continued net inflows, stable blended yields, and margin expansion, demonstrating the strength of a regulated, diversified platform built around institutional-grade product design and distribution.
Recent Events -- Nasdaq Listing
On April 1, 2026, CoinShares began trading on the Nasdaq Stock Market in the United States under the ticker "CSHR" after completing its previously announced business combination with Vine Hill Capital Investment Corp. The listing is expected to support the build-out of CoinShares' international franchise, including the continued development of its existing U.S offering.
Non-GAAP Financial Measures
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