CoinShares, a European crypto asset management company, recorded $165.7 million in full-year revenue for 2025 following its Nasdaq listing via a $1.2 billion merger with special purpose acquisition company Vine Hill earlier this month, according to the firm’s first annual report since going public in the United States. The firm now trades on Nasdaq under ticker CSHR, marking its expansion into U.S. public markets after its 2021 European listing.
Financial Performance
CoinShares reported gross assets under management of $7.4 billion as of the annual filing. Asset management revenue reached $126.4 million in 2025, representing a 13% increase from $111.7 million in fiscal year 2024.
Net income declined to $114.3 million in 2025 compared to $162.4 million in 2024. According to the firm, this decline was primarily attributable to a one-time $36.8 million FTX claim gain recorded in 2024 and other non-recurring or non-operational items.
Capital Markets and Revenue Breakdown
Capital markets revenue decreased to $73.1 million in fiscal 2025 from $82.7 million in fiscal 2024. The firm attributed this decline to a lower positive unrealised impact from pricing differentials between ETP trading prices and underlying holdings, which fell to $1.6 million from $15.8 million in 2024.
CoinShares noted that “excluding these non-operational, market-driven movements, underlying Capital Markets performance increased by 6.9% year-on-year, with strong staking revenues, lending revenues and trading gains,” according to the firm’s statement.
Operational Metrics and Capital Position
Operating expenses declined 2.9% to $70.7 million in 2025. The firm reported $481.3 million in available capital, including $176.7 million in liquid assets.
Market Position and Regulatory Standing
CoinShares’ Physical fund ranked as the top digital asset ETP by net inflows in 2025, according to CEO Jean-Marie Mognetti. The firm holds both MiFID and MiCA authorizations, positioning it to operate across regulated digital asset investment strategies ranging from passive physically-backed ETPs to active alternative strategies. “The firm enters 2026 as one of the few asset managers” with both authorizations, Mognetti noted.
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