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CoinShares International (CS) investor relations material
CoinShares International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2025 marked continued strategic progress, including expansion into the U.S., strong positioning in Europe, and a change in functional and presentation currency to USD, with all historical data restated for comparability.
The company completed the integration of Valkyrie, enhancing U.S. issuing capacity and unifying branding under CoinShares.
Net profit for Q2 2025 was $32.4 million, up from $31.8 million in Q2 2024; EPS (basic) was $0.49 versus $0.47 year-over-year.
Adjusted EBITDA for Q2 2025 was $26.3 million, with a margin of 63%.
Treasury gains rebounded to $7.8 million, reversing a $0.4 million loss in Q2 2024.
Financial highlights
Total revenue, gains, and other income for Q2 2025 reached $41.5 million, up from $11.6 million in Q2 2024.
Asset management platform generated $30 million in management fees, up from $28.3 million in Q2 2024.
Capital markets contributed $11.3 million in gains and other income, slightly down from $14.6 million in the prior year.
Gross AUM increased 32% over Q2 to $8.05 billion, with net AUM at $6.84 billion as of June 30, 2025.
Administrative expenses were $10.3 million in Q2 2025.
Outlook and guidance
The company expects a promising second half of 2025, with new all-time highs in AUM post-quarter end and a strong market backdrop.
Strong digital asset price momentum at Q2 close is expected to positively impact Q3 results, with July already delivering $19.1 million in revenue/gains and $14.0 million in Adjusted EBITDA.
Focus remains on product expansion, geographic growth, and operational scalability.
Anticipates additional U.S. product launches pending regulatory approvals, with a full pipeline for the remainder of the year.
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