CoinShares posts $7.4B AUM, $165.7M revenue in 2025

CoinShares, a London-based crypto asset manager, reported $7.4 billion in assets under management and $165.7 million in revenue for the year ended 2025 in its first annual filing since listing on Nasdaq. The company completed a $1.2 billion SPAC merger with Vine Hill earlier this month and now trades under the ticker CSHR.

Asset management revenue rose 13% to $126.4 million from $111.7 million in 2024. Capital markets revenue fell to $73.1 million from $82.7 million a year earlier. Net income declined to $114.3 million from $162.4 million in 2024.

The filing attributed the decline in net income mainly to non-recurring items that benefited 2024, including a $36.8 million gain related to an FTX claim. The report also showed a smaller positive unrealized impact from pricing differentials between ETP trading prices and underlying holdings, which decreased to $1.6 million in 2025 from $15.8 million in 2024.

Excluding market-driven, non-operational movements, the filing reported underlying capital markets performance increased 6.9% year-on-year, supported by staking revenue, lending revenue and trading gains.

CEO Jean-Marie Mognetti pointed to product momentum and regulatory approvals. He noted the firm’s Physical fund ranked as the top digital asset exchange-traded product by net inflows in 2025 and added, “The company enters 2026 as one of the few asset managers authorized under both MiFID and MiCA.” Those authorizations allow the firm to offer regulated digital asset products, from passive physically-backed ETPs to active alternative strategies.

Operating expenses fell 2.9% to $70.7 million as management emphasized cost control. The company ended the year with approximately $481.3 million in available capital, including $176.7 million in liquid assets.

The 2025 filing is CoinShares’ first full-year financial report since its U.S. public listing; the firm previously listed in Europe in 2021. The company manages gross assets under management of $7.4 billion.