CoinShares PLC (Nasdaq: CSHR) released its fiscal 2025 annual report on May 1, 2026, marking its first filing as a U.S.-listed company. The 20-F filing with the U.S. Securities and Exchange Commission reveals total revenue of $165.7 million, up 6.5% year-over-year, amid a strategic push into global markets.
Assets Under Management and Core Revenue
As of December 31, 2025, CoinShares reported total assets under management (AUM) of $7.4 billion, down slightly from $8.0 billion at the end of 2024. The company attributed the decline to market price fluctuations rather than diminished investor interest. In fact, net natural inflows reached a robust $1.1 billion for the full year. Its flagship product, CoinShares Physical, ranked first in net inflows in Europe during 2025 according to ETFbook data.
Asset management revenue rose 13.1% to $126.4 million, with the realized management fee yield holding steady at approximately 170 basis points. This stability stands out amid aggressive fee-cutting campaigns by many competitors in the U.S. and European ETF space.
Cost Control and Profitability
Thanks to stringent cost discipline, operating expenses declined nearly 3% year-over-year, driving operating income up 1.6% to $127 million. Segment EBITDA grew 5.4% to $131.3 million, representing a healthy 66% margin. Net profit for fiscal 2025 was $114.3 million, down from $162.4 million in 2024. The variance is primarily attributable to non-recurring items: the prior year included a $36.8 million one-time gain from the sale of FTX bankruptcy claims.
The company maintains strong liquidity with available capital of approximately $481.3 million, consisting of $176.7 million in current assets and $280 million in earned but unrealized management fees from its XBT Provider platform.
Nasdaq Listing and Global Strategy
On April 1, 2026, CoinShares transferred its listing from Nasdaq Stockholm to the Nasdaq Stock Exchange in New York, trading under ticker CSHR. CEO Jean-Marie Mognetti stated, “This listing marks another important step in our journey to transform CoinShares into a global asset management brand.” The firm holds both the EU’s Markets in Financial Instruments Directive (MiFID) and Markets in Crypto-Assets Regulation (MiCA) authorizations, giving it a unique cross-border regulatory advantage. The earlier acquisition of Valkyrie Funds has paved the way into the U.S. market, and the company now aims to serve a broader base of institutional and retail clients on both sides of the Atlantic. Following the listing, CoinShares adopted U.S. GAAP accounting to enhance transparency for its new investor base.
Industry Context: Bitcoin Mining Margin Compression
In its report, CoinShares noted that Bitcoin miners are facing rising costs and margin compression, increasingly turning to artificial intelligence as an alternative revenue source. This trend aligns with the broader maturation of the digital asset industry. The company concluded that its diversified model—combining capital markets activities with regulated asset management—provides a solid foundation for growth in the years ahead.