CoinShares (CSHR) Q4 2025 earnings summary

Executive summary

• Advanced U.S. Business Combination transaction and Nasdaq listing, with key regulatory milestones achieved including confidential SEC filings and a scheduled Jersey court hearing for February 2026.

• Expanded product suite with launches such as CoinShares SEI Staking ETP, Toncoin Staking ETP, and the U.S.-listed Altcoins ETF (DIME).

• Navigated volatile digital asset markets, with a strong Q3 followed by a moderate Q4, mirroring broader market trends.

• Strengthened European distribution as regulatory frameworks evolved to support broader retail access to digital asset products.

Financial highlights

• Total gross assets under management (AuM) declined by $644m (8%) in H2 2025, ending at $7.4bn, reflecting digital asset price declines.

• Q3 saw a $1.7bn increase in AuM due to favorable price movements, partially offset by $227m net outflows; Q4 saw a $2.5bn reduction in AuM from price declines, but $310m net inflows.

• CoinShares XBT Provider AuM decreased by $237m in H2 2025 due to price movements, while CoinShares Physical ETPs ended the year with $2.8bn AuM.

• Block Index AuM grew by $315m (31%) to $1.3bn; CoinShares Valkyrie ETF platform AuM fell by $102m (12%) to $758m.

Outlook and guidance

• Entering 2026 with a robust operational foundation, supportive regulatory environment, and a diversified product platform spanning passive and active strategies.

• Focus on converting expanded European distribution into AuM growth, launching new products, and building long-term shareholder value.

• Continued development of Hybrid Finance thesis, targeting convergence of traditional and blockchain-based financial infrastructure.