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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CoinShares
CoinShares (CSHR) investor relations material
CoinShares Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Sep, 2026
Executive summary
Demonstrated resilience during the largest crypto contraction in history, maintaining positive net inflows of $27.6M–$28M in H1 2026 despite a $1.9B negative market price effect and a 25%–31% decline in AUM.
Outperformed peers, being one of only two major players with net positive flows while the industry saw over $7B in peer outflows and >5% net outflows.
Despite a 35.7% drop in total revenue to $51.4M, the business remained profitable at the segment level, with segment EBITDA of $21.6M (39%–42% margin), including $4.9M in one-time listing and transition costs.
Ended the period with a strong balance sheet, $413.9M in available capital, $453M in net assets, and no long-term debt.
Board is seeking shareholder approval for a multi-year share repurchase program of up to 25% of shares outstanding at the September 15, 2026 EGM.
Financial highlights
Assets under management (AUM) declined from $7.4B–$8.0B at December 2025 to $5.5B at June 2026, driven by market losses, not client redemptions.
Total GAAP revenue was $51.4M, down from $80M year-over-year; asset management contributed $40M (down 32.9%–33%), capital markets $11.4M–$14.9M (down 43.8%–44%).
Segment EBITDA was $21.6M (down 63% year-over-year), impacted by $4.9M in non-recurring costs; adjusted EBITDA was $26.5M.
Operating swung from a $75.9M gain to a $5.1M loss, mainly due to $6.1M share-based compensation and a $34.7M swing in XBT Pricing Differential.
Net loss was $23.9M, including $16.6M in unrealized losses from XBT Pricing Differential and $15.4M in unrealized losses on treasury holdings.
Outlook and guidance
Digital asset markets rebounded post-period, with AUM rising to $6.9B–$6.93B by August 31, 2026.
Positive net flows continued, with $74M of inflows through August, and high-fee products’ share of AUM increased from 37% to 43%.
Management remains focused on product innovation, global expansion, and leveraging tokenization trends for new offerings.
Recovery in digital asset prices is expected to have a more significant impact in 2027 if current levels are maintained.
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Latest events from CoinShares
- AUM rose 109% as FY adjusted EBITDA reached £56.9m.CSHR
Q4 2023 - Digital asset manager posts $114M net income, registers 116M shares for offering and resale.CSHRRegistration filing
- Top EMEA crypto ETP manager scaling globally with strong growth, high margins, and U.S. expansion.CSHRInvestor presentation
- FY2025 ended with $7.4bn AuM, record revenue, and a declared $0.33/share dividend.CSHRQ4 2025
- Digital asset leader grows AUM, margins, and global reach through innovation and efficiency.CSHRABGSC Investor Days
- Exceptional Q2 growth with record inflows, FTX claim gains, and resilient margins.CSHRQ2 2024
- Record Q3 EBITDA and net profit, with strong Asset Management and key policy changes.CSHRQ3 2024
- Stable Q1 profits and ETP inflows despite digital asset price declines; U.S. focus intensifies.CSHRQ1 2025
- Record Q4 revenue, 44% AUM growth, and strong earnings set the stage for 2025 expansion.CSHRQ4 2024
Next CoinShares earnings date
Q3 202618 Nov, 2026
CoinShares
Next CoinShares earnings date
Q3 202618 Nov, 2026
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Frequently asked questions
CoinShares International Ltd operates as a digital asset investment company, offering financial products and services linked to cryptocurrencies and blockchain assets. The company provides exchange-traded products, asset management services, and proprietary trading solutions for institutional and retail clients. CoinShares International Ltd primarily serves sectors related to digital finance and investment management. The company is headquartered in Saint Helier, Jersey, and its shares are listed on the Nasdaq First North Growth Market.