CoinShares PLC (Nasdaq: CSHR) published its fiscal year 2025 annual report on May 1, 2026, marking the first SEC filing since the digital asset manager’s Nasdaq listing. The 20-F filing reveals total assets under management (AUM) of $7.4 billion as of December 31, 2025, with full-year revenue reaching $165.7 million — a 6.5% increase year-over-year. The report underscores CoinShares’ transition from the Nasdaq Stockholm exchange to the New York Nasdaq, positioning the firm for broader global institutional and retail reach.
Financial Highlights and AUM Dynamics
For the fiscal year ended December 31, 2025, CoinShares generated $165.7 million in total revenue, up from $155.6 million in 2024. Asset management revenue rose 13.1% to $126.4 million, driven by robust net inflows into its flagship CoinShares Physical product, which led European net inflows in 2025 according to ETFbook data. Net natural inflows for the year reached approximately $1.1 billion, although AUM declined slightly from $8.0 billion at end-2024 due to market price volatility.
Net income for 2025 stood at $114.3 million, compared to $162.4 million in the prior year. The decline is primarily attributable to a one-time gain of $36.8 million from the sale of FTX bankruptcy claims in 2024, which did not repeat in 2025. However, operating income improved 1.6% to $127 million, with operating expenses falling nearly 3% year-over-year. Segment EBITDA increased 5.4% to $131.3 million, maintaining a healthy margin of 66%.
Fee Resilience and Liquidity
One of the report’s standout metrics is CoinShares’ ability to sustain a blended realized management fee yield of approximately 170 basis points. This stability comes amid an aggressive fee war among US and European competitors vying for inflows into spot Bitcoin and Ethereum ETFs. The company’s liquidity position is robust, with available capital of about $481.3 million, including $176.7 million in liquid assets and $280 million in earned but unrealized management fees from its XBT Provider platform.
Nasdaq Listing and Strategic Expansion
CoinShares officially began trading on the Nasdaq Stock Exchange on April 1, 2026, under the ticker CSHR. CEO Jean-Marie Mognetti emphasized: “Listing on Nasdaq in April 2026 marks another important step in our journey to transform CoinShares into a global asset management brand.” The firm enjoys a unique regulatory advantage in Europe, holding both MiFID (Markets in Financial Instruments Directive) and MiCA (Markets in Crypto-Assets Regulation) authorizations, enabling it to navigate complex cross-border regulatory requirements in the digital asset space.
The acquisition of Valkyrie Funds has laid the groundwork for a US market entry. CoinShares aims to serve a broader institutional and retail client base on both sides of the Atlantic. The company has also transitioned its financial reporting from IFRS to U.S. GAAP to provide greater transparency and comparability for its new American investors. Management concluded that the diversified model combining capital markets activities with regulated asset management positions the firm well for future growth.