CoinShares (CSHR) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 delivered strong growth, with record-high average AuM and robust margins despite year-end contraction in digital asset prices.

• Asset Management achieved its highest annual revenues since inception, supported by product diversification and net inflows.

• 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).

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

Financial highlights

• Revenue for 2025 reached $197.6 million, up from $178.6 million in 2024 and $95.0 million in 2023.

• Adjusted EBITDA was $131.3 million, a 5.4% increase over 2024 and more than double 2023 levels.

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

• Net income for 2025 totaled $114.3 million.

• Gross profit margin remained high at 90% for 2025.

Outlook and guidance

• Current digital asset pricing is in line with 2024 levels, supporting continued strong EBITDA even if prices decline.

• Illustrative scenarios show run-rate EBITDA could range from $97 million to $234 million depending on AuM fluctuations.

• 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.