CoinShares, one of Europe’s biggest digital asset managers, made a $32.4 million profit in the second quarter of 2025, edging up from $31.8 million in the same period last year. The results, published on August 29, showed the company benefited from strong gains in digital asset markets.
The firm’s assets under management rose 26% to $3.46 billion, despite $126 million of outflows from its XBT products. The increase was fueled by a 29% jump in Bitcoin and a 37% surge in Ethereum during the quarter.
Its Asset Management division brought in $30 million in fees, boosted by $170 million of net inflows into CoinShares Physical products, marking the second-best quarter on record for the product line. The company’s Index returned 53.7%, outperforming Bitcoin’s performance and traditional equity benchmarks, such as the S&P 500 and MSCI World.
Meanwhile, CoinShares’ Capital Markets business earned $11.3 million, with Ethereum staking being the biggest earner at $4.3 million. Lending added $2.6 million, while trading strategies brought in $2.2 million.
At the same time, Liquidity services made $1.5 million, a little less than the previous quarter. Treasury operations recovered strongly, posting $7.8 million in unrealized gains after recording a $3 million loss in the first quarter. Adjusted EBITDA came to $26.3 million, while earnings per share stood at $0.49.
CEO Jean-Marie Mognetti said the second quarter showed “solid performance across all business units,” pointing to the recovery in digital asset prices.
“We believe this move from Sweden to the US will unlock substantial value for our shareholders by entering a market with significant breadth and depth,” he added, referring to CoinShares’ plan to pursue a U.S. listing.
CoinShares, listed on Nasdaq Stockholm and trading in the U.S. on OTCQX, said it is looking to build on its European leadership while expanding further in the United States. The company highlighted supportive regulations and growing investor interest as drivers for the second half of the year.
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