Digital asset manager CoinShares PLC officially submitted its fiscal year 2025 20-F filing to the U.S. Securities and Exchange Commission on May 1, 2026, marking its first annual disclosure as a Nasdaq-listed company. The filing reveals that as of December 31, 2025, CoinShares held $7.4 billion in gross assets under management (AUM), a slight decline from the $8 billion recorded at the end of 2024. The company attributed the decrease to market price volatility rather than investor disinterest, highlighting that it saw robust net organic inflows of approximately $1.1 billion throughout the year.
Revenue Growth and Stable Fee Yield
For the 2025 fiscal year, CoinShares reported total revenue of $165.7 million, up 6.5% year-over-year. Asset management revenue specifically grew 13.1% to $126.4 million, supported by a stable combined realized management fee yield of approximately 170 basis points. This stability is noteworthy given the aggressive fee wars among competitors in both the U.S. and European spot bitcoin and ether ETF markets. Operating income rose 1.6% to $127.0 million, aided by a disciplined cost control approach; operating expenses actually fell by nearly 3% compared to the prior year. Segment EBITDA advanced 5.4% to $131.3 million, implying a healthy margin of 66%.
Net Income Dip Explained by Non-Recurring Items
Net income for fiscal 2025 came in at $114.3 million, significantly lower than the $162.4 million recorded in 2024. The discrepancy is largely attributable to non-recurring items: the prior year had been boosted by a $36.8 million gain from the sale of an FTX bankruptcy claim, which did not repeat in 2025. Excluding that one-time event, the underlying earnings power remains strong.
Solid Liquidity Position Supports Expansion
The filing also highlights a solid liquidity position, with approximately $481.3 million in available capital. This includes $176.7 million in liquid assets and $280.0 million in management fees earned but not yet realized from its XBT Provider platform. Such liquidity provides ample runway for the firm's global expansion plans.
Strategic Moves: Nasdaq Listing, European Licenses, and U.S. Presence
CEO and co-founder Jean-Marie Mognetti characterized 2025 as a year of exponential growth for the platform. He noted that the Nasdaq listing on April 1, 2026, is a crucial step in transforming CoinShares into a global asset management franchise. Strategically, the company holds both MiFID and MiCA authorizations, enabling it to navigate the complex cross-border requirements of the digital asset sector in Europe. The acquisition of Valkyrie Funds gives CoinShares a physical foothold in the U.S. market, allowing it to serve a broader range of institutional and retail clients on both sides of the Atlantic. Transitioning from Nasdaq Stockholm to the New York-based exchange also required a shift to U.S. GAAP accounting standards, aimed at providing greater transparency and comparability for its new American investor base.
Bitcoin Mining Margins Under Pressure, AI Migration Accelerates
In a separate section of the same filing, CoinShares Research addressed the state of bitcoin mining. It noted that miners are facing rising costs and tightening margins, leading to an accelerating trend of pivoting toward AI-based revenue streams. This observation aligns with CoinShares' broader thesis on the maturation of the digital asset ecosystem, where diversification and operational efficiency become key differentiators.