European crypto asset supervisor CoinShares has launched its second-quarter outcomes, exhibiting a web revenue of $32.4 million. The determine, whereas barely down 5.3% from the prior quarter, represents a 1.9% enhance year-over-year, supported by rising administration charges, improved treasury efficiency, and robust momentum in bodily backed merchandise.
The firm attributed the outcomes to a surge in digital asset costs and rising institutional inflows. Bitcoin and Ethereum superior by 29% and 37% through the quarter, pushing CoinShares’ property below administration (AUM) to $3.5 billion, a 26% enhance from the earlier quarter.
This development got here regardless of continued outflows from its legacy derivatives-based merchandise, highlighting shifting investor desire towards bodily backed exchange-traded merchandise (ETPs).
Financial Performance and Market Drivers
According to the corporate’s Q2 earnings report, asset administration charges generated $30 million, in contrast with $28.3 million in the identical interval final 12 months. Capital markets earnings got here in at $11.3 million, barely beneath the $14.6 million posted in Q2 2024, whereas adjusted EBITDA reached $26.3 million.
Basic earnings per share stood at $0.49, marginally above the $0.47 a 12 months earlier. CoinShares’ spot crypto ETPs attracted $170 million in web inflows, the second-highest on report, driving a lot of the expansion in AUM.
These inflows have been boosted by the mixing of Valkyrie ETFs into the CoinShares model after final 12 months’s acquisition. In addition, the agency’s proprietary BLOCK Index rose 53.7%, outperforming main fairness benchmarks, reflecting broader energy throughout digital asset markets.
Within its capital markets division, Ethereum staking contributed $4.3 million, whereas delta-neutral buying and selling methods and lending added $2.2 million and $2.6 million, respectively. Liquidity provisioning generated $1.5 million, a slight dip in contrast with earlier quarters.
The firm’s treasury additionally swung again into constructive territory, with $7.8 million in unrealized features, in contrast with a $3 million loss in Q1 and a $0.4 million loss in the identical interval final 12 months.
Chief Executive Officer Jean-Marie Mognetti famous that the quarter demonstrated resilience throughout all enterprise items: “We noticed a major restoration in digital asset pricing. While common costs throughout Q1 and Q2 have been comparatively comparable, we closed H1 2025 with sturdy AUM and a good outlook.”
Strategic Expansion and US Listing Plans
Looking forward, CoinShares is positioning itself for additional development, with plans to pursue a US inventory trade itemizing. The firm is at present listed on Nasdaq Stockholm however sees the US as a market providing larger liquidity, greater valuations, and stronger investor urge for food for digital asset companies.
“The transfer from Sweden to the US will unlock substantial worth for shareholders by coming into a market with important breadth and depth,” Mognetti stated, pointing to latest listings by Circle and Bullish, which skilled sturdy demand and speedy share worth features.
The firm additionally highlighted a supportive coverage atmosphere within the US, citing latest legislative progress and an administration signaling openness to crypto innovation.
Mognetti stated readability on the timing of the itemizing ought to be obtainable inside this quarter, with the agency aiming to capitalize on present momentum in each digital asset markets and regulatory developments.
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