CoinShares Reports $32.4 Million Net Profit in Q2, What’s Behind The Gains?

European crypto asset manager CoinShares has released its second-quarter results, showing a net profit of $32.4 ￰0￱ figure, while slightly down 5.3% from the prior quarter, represents a 1.9% increase year-over-year, supported by growing management fees, improved treasury performance, and strong momentum in physically backed ￰1￱ company attributed the results to a surge in digital asset prices and rising institutional ￰2￱ and Ethereum advanced by 29% and 37% during the quarter, pushing CoinShares’ assets under management (AUM) to $3.5 billion, a 26% increase from the previous ￰3￱ growth came despite continued outflows from its legacy derivatives-based products, highlighting shifting investor preference toward physically backed exchange-traded products (ETPs).

Financial Performance and Market Drivers According to the company’s Q2 earnings report , asset management fees generated $30 million, compared with $28.3 million in the same period last ￰4￱ markets income came in at $11.3 million, slightly below the $14.6 million posted in Q2 2024, while adjusted EBITDA reached $26.3 ￰5￱ earnings per share stood at $0.49, marginally above the $0.47 a year earlier. CoinShares’ spot crypto ETPs attracted $170 million in net inflows, the second-highest on record, driving much of the growth in ￰6￱ inflows were boosted by the integration of Valkyrie ETFs into the CoinShares brand after last year’s ￰7￱ addition, the firm’s proprietary BLOCK Index rose 53.7%, outperforming leading equity benchmarks , reflecting broader strength across digital asset ￰8￱ its capital markets division, Ethereum staking contributed $4.3 million, while delta-neutral trading strategies and lending added $2.2 million and $2.6 million, ￰9￱ provisioning generated $1.5 million, a slight dip compared with earlier ￰10￱ company’s treasury also swung back into positive territory, with $7.8 million in unrealized gains, compared with a $3 million loss in Q1 and a $0.4 million loss in the same period last ￰11￱ Executive Officer Jean-Marie Mognetti noted that the quarter demonstrated resilience across all business units: “We saw a significant recovery in digital asset ￰12￱ average prices across Q1 and Q2 were relatively similar, we closed H1 2025 with strong AUM and a favorable outlook.” Strategic Expansion and US Listing Plans Looking ahead, CoinShares is positioning itself for further growth , with plans to pursue a US stock exchange ￰13￱ company is currently listed on Nasdaq Stockholm but sees the US as a market offering greater liquidity, higher valuations, and stronger investor appetite for digital asset firms.

“The move from Sweden to the US will unlock substantial value for shareholders by entering a market with significant breadth and depth,” Mognetti said, pointing to recent listings by Circle and Bullish, which experienced strong demand and immediate share price ￰14￱ company also highlighted a supportive policy environment in the US, citing recent legislative progress and an administration signaling openness to crypto ￰15￱ said clarity on the timing of the listing should be available within this quarter, with the firm aiming to capitalize on current momentum in both digital asset markets and regulatory ￰16￱ image created with DALL-E, Chart from TradingView