CoinShares Q2 earnings rise with record assets under management, growing inflows, and steady performance across units.
CoinShares International Limited has reported a strong second quarter in 2025, supported by higher digital asset prices and growing investor inflows. The Group confirmed record assets under management (AUM) as rising valuations in Bitcoin and Ethereum drove fee income and treasury gains.
Financial Results Driven by Crypto Market Growth
For the quarter ending 30 June 2025, CoinShares posted a net profit of $32.4 million compared to $31.8 million a year earlier. The Group generated $30 million in asset management fees, up from $28.3 million in the prior year. Adjusted EBITDA stood at $26.3 million, showing stable operational performance.
Capital Markets contributed $11.3 million in gains and income, down from $14.6 million in the same period of 2024. Ethereum staking was the largest driver within the unit, providing $4.3 million during the quarter. Liquidity provisioning and lending added further revenue, though activity on the XBT Provider platform moderated.
The Group also recorded a $7.8 million treasury gain, reversing a $3 million loss from the previous quarter. Management noted that treasury allocations were adjusted tactically, which supported overall profitability. Basic earnings per share increased to $0.49 from $0.47 in Q2 2024.
Record AUM and Asset Management Momentum
The asset management segment reported record AUM growth as Bitcoin and Ethereum surged by 29% and 37% during the quarter. By the end of June, CoinShares closed with $3.46 billion in AUM, rising 26% from the $2.75 billion level in March.
CoinShares Physical recorded $170 million in net inflows, its second-strongest quarter on record, generating $6.8 million in fees. The company stated that the performance reaffirmed its leadership in European digital asset exchange-traded products. Inflows into spot products offset outflows from legacy derivatives-based ETPs, which recorded $126 million in redemptions.
The BLOCK Index, managed by CoinShares, delivered a return of 53.7% in Q2. This performance outpaced both Bitcoin and global equity benchmarks, reflecting investor appetite for diversified exposure to blockchain-linked assets. Following the quarter, AUM continued to grow by a further 25%, supported by ongoing price appreciation.
Coinshares Expansion Strategy and Market Outlook
Chief Executive Officer Jean-Marie Mognetti said the company closed the first half of 2025 with strong momentum. “We have experienced further growth in digital asset pricing so far in Q3 with BTC reaching an all-time high of $124,128,” he noted. Ethereum also reached a record level of $4,945 before retracing later in August.
CoinShares is focusing on reinforcing its European market position while preparing for a U.S. listing. Management believes a move from Sweden to the United States will bring access to broader markets and higher investor recognition. The CEO cited recent U.S. listings of Circle and Bullish as examples of strong demand for digital asset companies.
The Group confirmed that it expects greater clarity on the U.S. listing timeline during Q3 2025. CoinShares has also completed the integration of Valkyrie ETFs under its unified brand in the United States, with new hires in marketing and distribution. This move is intended to strengthen growth in North America while maintaining leadership in Europe.
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