Coinshares PLC (NASDAQ: CSHR) officially released its fiscal year 2025 financial results on May 1, 2026, marking its first annual report as a U.S.-listed company. According to the 20-F filing with the U.S. Securities and Exchange Commission (SEC), the digital asset manager reported total assets under management (AUM) of $7.4 billion as of December 31, 2025, and full-year revenue of $165.7 million, up 6.5% year-over-year.
Key Financial Highlights
Management fee income rose 13.1% to $126.4 million, driven by robust net inflows of approximately $1.1 billion for the year. The company's flagship product, Coinshares Physical, ranked first in European net inflows in 2025, according to ETFbook data. Notably, its blended realized management fee yield remained stable at around 170 basis points, standing out amid intense fee compression for spot Bitcoin and Ethereum ETFs in both the U.S. and Europe.
Thanks to strict cost control, operating expenses declined nearly 3% year-over-year, boosting operating income by 1.6% to $127 million. Segment EBITDA reached $131.3 million, representing a healthy 66% margin. Net profit for fiscal 2025 was $114.3 million, down from $162.4 million in 2024, primarily due to the prior year's one-time gain of $36.8 million from the sale of FTX bankruptcy claims.
NASDAQ Listing and Global Expansion
Coinshares began trading on the Nasdaq Stock Exchange on April 1, 2026, following a business combination with Vine Hill Capital Investment Corp. CEO Jean-Marie Mognetti described the listing as a major step in transforming Coinshares into a global asset management brand. The firm is expanding its footprint from Europe to the U.S. market, having previously acquired Valkyrie Funds to lay the groundwork for entry. The NASDAQ listing is expected to further accelerate international expansion, serving a broader base of institutional and retail clients on both sides of the Atlantic.
Regulatory Advantages and Strategic Positioning
Coinshares holds both MiFID (Markets in Financial Instruments Directive) and MiCA (Markets in Crypto-Assets Regulation) authorizations, giving it a unique competitive edge in navigating complex cross-border regulatory requirements in the digital asset industry. Following the transfer of its listing from Nasdaq Stockholm to New York, the company now reports under U.S. GAAP, providing greater transparency and comparability for its new U.S. investor base.
Outlook and Liquidity
The filing highlights a strong liquidity position, with available capital of approximately $481.3 million, comprising $176.7 million in liquid assets and $280 million in earned but unrealized management fees from its XBT Provider platform. As the digital asset sector matures, Coinshares is committed to balancing innovation with profitability. Its diversified model—combining capital markets activities with regulated asset management—provides a solid foundation for future growth.