CoinShares Reports $32.4M Profit as Crypto Rally Fuels Record Growth

CoinShares, a European digital asset manager, reported that it raked in a $32.4 million net profit in the second quarter of 2025. This inflow is powered by strong inflows into its spot exchange-traded products (ETPs) and rising crypto prices. 

The results highlight how the firm is capitalizing on the renewed momentum in Bitcoin (BTC) and Ethereum (ETH) as it prepares to enter the United States crypto market.

CoinShares Sees Profit Growth Despite Market Volatility

According to its Q2 report, CoinShares posted a net profit that was 5.3% lower than Q1, but still rose 1.9% compared to last year. The company’s performance was supported by higher asset management fees and a recovery in its treasury portfolio.

The firm earned $30 million in asset management fees, up from $28.3 million last year. At the same time, its capital markets unit brought in $11.3 million, slightly below the $14.6 million reported in Q2 2024. 

Its adjusted EBITDA stood at $26.3 million, and earnings per share reached $0.49, up from $0.47 in the same period last year.

Rising Crypto Prices Drive Assets Under Management

The rally in crypto prices played a major role in boosting results. Bitcoin gained 29% and Ethereum 37% during the quarter. 

CoinShares’ assets under management (AUM) grew to $3.5 billion, up 26% from Q1. While older derivatives-based products lost some money, their spot crypto ETPs pulled in $170 million, the second-highest inflow ever.

The acquisition and rebranding of Valkyrie ETFs under CoinShares boosted investor trust. After the quarter ended, more price gains lifted AUM by another 25%, showing strong momentum. The firm’s BLOCK Index also jumped 53.7%, beating traditional markets.

In Capital Markets, ETH staking brought in $4.3M, followed by lending at $2.6 million, trading at $2.2 million, and liquidity at $1.5 million. 

CoinShares’ treasury also recovered strongly, shifting from a $3M loss in Q1 to a $7.8M unrealized gain in Q2. This is a big improvement compared to a $0.4 million loss in Q2 2024.

CoinShares Eyes U.S. Listing 

CEO Jean-Marie Mognetti called the quarter solid, noting crypto’s recovery and strong assets under management. He said record Bitcoin and Ethereum highs in August could make the second half of 2025 even stronger.

Beyond its quarterly numbers, CoinShares revealed plans to pursue a U.S. stock market listing. Currently headquartered in Jersey and listed on Nasdaq Stockholm, the firm believes moving to the U.S. will unlock greater shareholder value. He cited the recent U.S. listings of Bullish and Circle, both of which saw strong investor demand and rapid share price appreciation.

Mognetti also noted that regulatory conditions in the U.S. have improved significantly, with new legislation and political support creating an environment that favors innovation.