CoinShares PLC (Nasdaq: CSHR), a digital asset management firm, officially filed its fiscal 2025 annual report with the U.S. Securities and Exchange Commission (SEC) on May 1, 2026, marking its first public disclosure as a Nasdaq-listed company. The 20-F filing reveals total revenue of $165.7 million for the fiscal year ended December 31, 2025, a 6.5% increase year-over-year, driven primarily by growth in asset management fees.
Key Financial Metrics: AUM, Revenue, and Profitability
As of December 31, 2025, CoinShares held $7.4 billion in gross assets under management (AUM), down from $8 billion at the end of 2024 due to market price volatility rather than investor outflows. In fact, the company recorded robust net organic inflows of approximately $1.1 billion during the year. Its flagship product, CoinShares Physical, ranked first in Europe for net ETF inflows in 2025, according to ETFbook data.
Asset management revenue rose 13.1% to $126.4 million, while the firm maintained a combined realized management fee yield of approximately 170 basis points – a notable achievement amid aggressive fee wars among both U.S. and European issuers of spot bitcoin and ether ETFs. Operating revenue grew 1.6% to $127.0 million, supported by disciplined cost control; operating expenses actually declined nearly 3% year-over-year. Segment EBITDA rose 5.4% to $131.3 million, reflecting a healthy 66% margin for the digital asset platform.
Net income for fiscal 2025 was $114.3 million, down from $162.4 million in 2024. The decline was primarily due to non-recurring items: the prior year benefited from a $36.8 million gain from the sale of an FTX bankruptcy claim. Excluding that extraordinary item, recurring profitability improved.
Strong Liquidity and Capital Position
The report highlights a solid liquidity position, with approximately $481.3 million in available capital, including $176.7 million in liquid assets and $280.0 million in management fees earned but not yet realized from its XBT Provider platform. This reserve provides a strong foundation for future strategic investments.
Nasdaq Listing and Global Expansion Strategy
CoinShares completed its Nasdaq listing on April 1, 2026, transitioning from Nasdaq Stockholm to New York. CEO Jean-Marie Mognetti commented, “Our Nasdaq listing on April 1, 2026, marks another step in our journey to convert CoinShares into a global asset management franchise.” The company holds regulatory authorizations under both MiFID and MiCA, allowing it to navigate complex cross-border digital asset requirements in Europe.
Through its 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 Nasdaq listing is expected to further support international expansion. The company has also transitioned to U.S. GAAP accounting standards, enhancing transparency and comparability for its American investor base.
Separately, the filing notes that CoinShares continues to monitor declining bitcoin mining margins as the industry accelerates its shift toward AI-related revenue streams. The firm’s diversified model, combining capital markets activities with regulated asset management, is positioned for resilient growth in the years ahead.