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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Climbs Above $78,000 on Saturday as Senate Clears Stablecoin Compromise
Bitcoin recovered from a midweek dip to $75,500 to climb above $78,000 by Saturday morning in Asia. The U.S. Senate's stablecoin yield compromise removed a key roadblock to crypto market structure legislation.
GateNews1h ago
Tesla Files Show Musk's 2025 Compensation Valued at $158.36B, but Received Zero Due to Missed Performance Targets
According to Tesla's regulatory filing reported by CCTV Finance on April 30, Elon Musk's 2025 compensation package was valued at $158.36 billion, making it 2.5 million times the median pay of a typical company employee. However, Tesla disclosed that Musk received zero actual payment because the comp
GateNews1h ago
Riot Shares Jump 8% After Expanding AMD Data Center Deal
Riot Platforms' shares rose 8% following the expansion of its AMD data center partnership and improved financing terms, reflecting the bitcoin miner's strategic pivot toward artificial intelligence and data center
GateNews2h ago
Biggest beneficiary of TSMC CoWoS spillover? Intel EMIB yield rumored at 90%; advanced packaging is the key to a comeback
With AI chip demand continuing to drive up advanced packaging capacity constraints, Intel’s EMIB packaging technology has once again become a market focus. Tech media Wccftech cited comments by Jeff Pu, a technology research analyst at GF Securities, saying that Intel EMIB yields have reached 90%, indicating that this advanced packaging technology—seen as a key part of Intel Foundry’s transformation—has already reached maturity for further adoption in AI data center chips.
(Chen Liwu becomes a god! Citrini praises Intel with “the best earnings report this year,” hoping to carry on TSMC’s momentum)
ChainNewsAbmedia5h ago
MediaTek recruits former TSMC CoWoS driver Yu Zhenhua: says it has nothing to do with Intel EMIB, and chooses TSMC over others
MediaTek announced on May 2 that it has hired former TSMC CoWoS driver Yu Zhenhua as a non-full-time consultant, focusing on advanced packaging technology and route planning, and stated that it is unrelated to Intel’s EMIB, while deepening cooperation with TSMC. The move is seen as strengthening its in-house packaging capabilities and bargaining power over CoWoS, in response to Google TPU v9 and data center ASIC demand. In the future, packaging capacity growth is expected to become a core focus.
ChainNewsAbmedia5h ago
