Digital asset manager CoinShares PLC (Nasdaq: CSHR) officially disclosed its fiscal year 2025 financial results on May 1, 2026, marking its first annual filing as a U.S.-listed company. The 20-F submission to the Securities and Exchange Commission reveals total revenue of $165.7 million, a 6.5% increase from the prior year, while asset management revenue grew 13.1% to $126.4 million.
Nasdaq Listing and AUM Performance
CoinShares completed its listing on the Nasdaq Stock Exchange on April 1, 2026, through a merger with Vine Hill Capital Investment Corp. As of December 31, 2025, the firm's gross assets under management stood at $7.4 billion, slightly down from $8 billion at end-2024. The company attributed the decline to market price volatility rather than waning investor interest, noting robust organic net inflows of approximately $1.1 billion during the year.
The flagship CoinShares Physical product secured the top spot in Europe for net inflows during 2025, according to ETFbook data. This momentum helped lift asset management revenue by 13.1% to $126.4 million, while total revenue reached $165.7 million.
Steady Fee Yield and Operational Discipline
A notable highlight in the filing was the firm's ability to maintain a combined realized management fee yield of approximately 170 basis points, even as many competitors in the U.S. and Europe engaged in aggressive fee wars for spot bitcoin and ether ETFs. Operating revenue rose 1.6% to $127.0 million, supported by disciplined cost control—operating expenses actually declined nearly 3% year-over-year. Segment EBITDA increased 5.4% to $131.3 million, reflecting a healthy 66% margin for the digital asset platform.
Net Income and Liquidity Position
Net income for FY2025 was reported at $114.3 million, down from $162.4 million in 2024. The discrepancy was largely due to non-recurring items: the previous year included a $36.8 million gain from the sale of an FTX bankruptcy claim, an extraordinary item that did not repeat in 2025. The company maintained a strong liquidity position with approximately $481.3 million in available capital, comprising $176.7 million in liquid assets and $280.0 million in earned but unrealized management fees from its XBT Provider platform.
Strategic Outlook and Regulatory Edge
CEO Jean-Marie Mognetti characterized 2025 as a year of exponential growth for the platform. “Our Nasdaq listing on April 1, 2026 marks another step in our journey to convert CoinShares into a global asset management franchise,” he commented. The firm holds both MiFID and MiCA authorizations, enabling it to navigate complex cross-border digital asset requirements in Europe. Through the acquisition of Valkyrie Funds, CoinShares has established a U.S. market presence and now aims to serve a broader range of institutional and retail clients on both sides of the Atlantic. The company also transitioned its reporting standards from IFRS to U.S. GAAP to enhance transparency and comparability for its new American investor base. As the digital asset sector matures, CoinShares appears focused on balancing innovation with profitability, positioning its diversified model—combining capital markets activities with regulated asset management—as a resilient foundation for the years ahead.