CoinShares posts $32.4m Q2 profit amid 26% AUM jump, eyes U.S. listing

CoinShares closed the second quarter of 2025 with a notable 26% surge in assets under management, pushing its total to $3.46 billion. The asset manager said the growth was powered by climbing digital asset valuations and steady investor demand for its physical crypto ETPs.

On August 29, European digital asset manager CoinShares announced a net profit of $32.4 million for Q2 2025, driven largely by a substantial 26% rise in assets under management, which reached $3.46 billion.

According to the firm, this performance was supported by rebounding crypto markets and strong net inflows of $170 million into its physically-backed exchange-traded products, making it the company’s second-best quarter ever for that segment.

Revenue streams and strategic expansion

Despite a year-over-year increase, CoinShares’ net profit fell 5.3% compared with the previous quarter. The firm’s capital markets division, which engages in activities like trading and lending, saw its income decrease to $11.3 million from $14.6 million a year prior.

After posting a $3.0 million unrealized loss in Q1, CoinShares’ strategic treasury management roared back with $7.8 million in gains for the quarter, signaling the firm’s active management in optimizing its strategic holdings for value creation, turning a previous headwind into a significant tailwind.

Product performance

The firm’s physical ETP suite, branded as CoinShares Physical, was the standout performer, attracting a substantial $170 million in net inflows. This demand for physically-backed, exchange-listed products in Europe cemented its position as the continent’s fastest-growing platform of its kind in the first half of the year.

However, the success starkly contrasts with the continued outflows from its legacy, derivatives-based XBT products, which saw $126 million exit. The net positive result is a testament to a strategic product shift that is successfully capturing modern institutional preference for spot-based exposure.

Notably, CoinShares’ proprietary BLOCK Index, designed to track a basket of crypto-focused equities, delivered an impressive 53.7% return during the quarter, soundly outperforming both Bitcoin and traditional equity indices like the S&P 500.

Looking ahead, CoinShares seeks a U.S. listing, a step designed to tap deeper capital markets and unlock greater shareholder value. CEO Jean-Marie Mognetti said the move would position the company alongside other high-profile U.S. crypto firms, where regulatory clarity and investor appetite have helped public valuations expand sharply.