CoinShares (CSHR) Investor presentation summary

Market position and growth strategy

• Holds #1 market share in EMEA for crypto ETPs and ranks among the top 4 global digital asset managers, with $8.0–$9.1bn AuM as of mid-2025.

• Demonstrates strong competitive moats in Europe, leveraging regulatory expertise and broad product offerings to maintain leadership.

• Pursues U.S. expansion through acquisitions (e.g., Valkyrie) and aims to unify U.S. and European operations into a cross-Atlantic ETF platform.

• Growth strategy includes product innovation, deepening institutional relationships, and opportunistic M&A.

• Targets significant white space in EMEA and U.S. markets, supported by regulatory tailwinds and rising institutional adoption.

Business model and financial performance

• Operates a dual-revenue model: asset management fees (~1.7% yield) and capital markets activities (~0.9% yield), both derived from AuM.

• FY24 revenue reached $184m with 91% gross margin and 68% adjusted EBITDA margin, reflecting high profitability and operating leverage.

• Asset management contributed 65% of revenue, with the remainder from staking, lending, and capital markets strategies.

• Product suite includes legacy ETNs, physically-backed ETPs, crypto equity indexes, and U.S.-listed ETFs, tailored for diverse investor segments.

• Consistent AuM and revenue growth (+93% and +96% FY23–FY24), with diversified and resilient product mix supporting steady inflows.

Industry trends and market opportunity

• Institutional adoption of digital assets is accelerating, with 86% of institutional investors planning allocations in 2025.

• Regulatory clarity in the U.S., Europe, and APAC is driving ETP market expansion and enabling new product launches.

• Crypto ETP market revenue estimated at $1.1bn in Dec 2024, with potential to exceed $50bn as allocations rise from 0.1% to 2.5–5% of global AuM.

• CoinShares is positioned to benefit from mass adoption, favorable regulation, and the maturation of digital asset infrastructure.

• Product innovation and regulatory developments (e.g., spot Bitcoin and Ether ETF approvals) are key growth catalysts.